Study guides

Q: What is the maximum amount of interest can be charged for the purchase of a car?

Write your answer...

Submit

Related questions

There is no requirement to have a loan to purchase a house, therefore the minimum amount on interest would be zero.

The maximum amount of money that can be charged to the purchase card for a single transaction.

In short the interest rate is the amount in percentage charged on your capital amount of your mortgage to you pay in addition to the actual amount loaned for the purchase of your house.

Compound interest is when interest is charged on the principal plus the interest. An example is a credit card debt. If you carry a balance from month to month you are charged interest on the total amount owed including the interest from previous months. Simple interest is calculated on the amount borrowed over a fixed amount of time and does not charge interest on the interest.

Interest

Rate of interest.

price ceiling.

Calculation of simple interest is faster in comparison to compound interest. In the latter, interest is added up with the principal amount and interest is charged on that added amount in the next period calculation.

Some states have set maximum amounts for repossession fees. The state of Texas,. however has not set a maximum amount on the fee that can be charged for a car repossession.

If a judgment creditor over charged you on a writ of garnishment increasing the interest and the amount to be garnished can the judgment be vacated?

In order to apply for a loan with SBA, you should contact your local lender. Lenders can be found on SBA.gov. SBA does not actually set the interest rates, but they do set a maximum amount that can be charged.

The main loan amount is called the principle. The amount charged monthly for the loan is called interest.

Principal is the amount of money you borrow. Interest is the fee charged by the lender (or bank) to use their money. The total amount of money you pay back is the principle + interest.

The interest is based on the amount owed, therefore as payments are made the balance drops as does the interest amount (not the rate). So the interest is higher at the begining, because more money is owed at the begining.

In Florida, the highest interest rate that may be charged by a finance company for loans under $500,000 is 18% per annum. Be cautious, however, because there are no limits on the amount of fees that may be charged for the application or origination of the loan.

and are they to charge by day or hourly?

Simple interest is interest that is calculated only on the amount of unpaid principal on a loan. Such interest is not added to the value of the loan but is tracked separately. Compound interest is interest that is calculated on the total of unpaid principal and accumulated interest on a loan. The difference is in simple interest there is no interest charged on accumulated interest while in compound interest there is interest charged on accumulated interest.

Are you including the interest that is being charged on the borrowed amount? When you borrow money, say $10000, you are charged interest on that amount. So you'll end up paying far more than the $10000 you borrowed.

Yes.

Interest is charged only on the amount you actually borrow

The amount of interest charged on unpaid balances

When you borrow money from a bank, you are charged interest. interest is a fee for the use of someone else's mony and is usually a percentage of the amount of money borrowed. It is charged and paid each month, week, or day on the amount of borrowed money that has not yet been repaid.

Interest rates change from day to day which changes how much the average interest paid is. The answer to this also depends on the price of the car purchased.

The maximum amount of cash you can place on a Visa gift card depends on the provider you purchase it from. Through the research it seems that the maximum you can place is $2,999.

Yes. The amount a bank charges you for using their money is called an interest. This facility wherein you get to use the banks money and repay them is called a Loan. The bank grants you a fixed amount as loan and you repay them every month along with an interest.