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Answered 2007-07-05 00:13:18

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

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Related Questions

What is a mortgage interest rate?

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.

What is simple interest and compound interest?

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.

Can merchants place a minimum amount on credit card purchases?

A merchant can & will require a minimum purchase amount in some cases. The credit card company charges the merchant for each transaction. If a purchase does not exceed the amount they are being charged from the cc company, they can decline to process your card. Most merchants have a sign explaining their policy.

What is the amount of money charged for borrowing money?


What is the amount charged for borrowing money called?


What is the percent charged or earned on an amount of money?

Rate of interest.

What is the best way to pay off my car loan early?

The best way of doing this is to pay higher than the minimum payment. This will decrease the amount you own quicker, as well as the amount of money that interest is charged on.

Is simple or compound interest faster?

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.

At a bank to receive interest is a minimum balance required?

If an account is interest based then any amount is fine

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?

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?

A single purchase limit is?

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

The amount of a loan is called the what?

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

What is a simple interest in math?

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.

What is the amount of money borrowed called?

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.

Why is more interest charged at the beginning of a loan?

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.

What is the minimum amount of fuel you can purchase at a petrol station?

At Mobil $5 dollars

I financed a vehicle for one amount now my first payment is due and the payoff amount is higher than the borrowed amount. Is that correct or legal?

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.

Can interest continue to be charged on the principal amount of a judgment which has a court approved payment agreement?


How is a line of credit similar to a credit card?

Interest is charged only on the amount you actually borrow

What is the annual percentage rate APR on a credit card?

The amount of interest charged on unpaid balances

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

Most states have limits on how much interest banks and businesses may charge. Check with your state on its limits(usually in the phone book in the blue pages in the front or back). If it is personal there is usually no limit, be careful there.

Why is it unwise to pay minimum credit on your credit card?

Paying only the minimum due on your credit card balance maximizes the amount of interest you will pay to the credit card company. This is why it is better to pay as much of your balance as you can each billing cycle - it saves you money by reducing the amount of interest you pay. Also, depending on the terms of your credit card agreement, paying the minimum can actually make your principal balance increase. The minimum payment may not cover the amount of interest due.

What is minimum cash balance policy?

This is the minimum amount of cash that you need to keep in your bank account in order to keep your account open or receive interest. In most cases, it is a relatively small amount.

How do credit card payments work?

When you use a credit card to purchase something, you are making yourself a loan through the credit card company. You have to pay the company back for this loan at the terms you have agreed to when you signed the application for the card. If you make a payment in full when you receive your monthly bill, there will be no additional amount due, no interest, and usually no handling fee. When you make a partial payment, whether it is the minimum due, or a larger amount, the company will charge interest, and perhaps a monthly fee, which will be added to the next monthly bill. As long as the amount you pay is less than the amount due, you will continue to be charged interest every month, based on the balance remaining. If you pay the entire amount due at the end of the month, there will be no new interest charges. There might be a small amount of interest on the previous balance. Often, if you call the company and point out that you paid the previous bill in full, they might waive the final interest due.

What is the minimum amount of income that requires a 1099 to be filed in 2009?

1099-INT Interest or 1099-DIV Dividend the amount is $10 or more.