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What percentage interest rate is a loan that charges 5.000 in simple annual interest over 5 years on a 5.000 balance?
Wiki User
∙ 11y ago
if you keep loking your work up you wont learn nuthin btw the answer is 20% stupid
Wiki User
∙ 11y ago
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What is the true annual rate of interest charged?
The true annual rate of charged interest is called the annual percentage yield. It is the interest charged and compounded against.
What exactly is a mastercard apr?
All credit cards are required to state the amount of interest charged in an annual percentage rate, or APR. Mastercard presents the interest it charges on financed balances in a APR number.
If you are borrowing which is best simple or compound interest?
If the rate of interest is the same, simple interest benefits the borrower. Compound interest charges (or pays) interest on the accrued interest as well as the principal amount. This is why the APR (annual percentage rate) may differ from the base interest rate on a loan, or on revolving credit balances.
If a simple interest car loan is paid off earlydo you deduct interest left on the loan from final payment?
loan is 3 year loan with an annual interest of 6.3% and you make monthly payments. Therefore each interest amount will be based on a one month period and thus 1/12 of the annual interest rate. Balance = 10,000 Monthly Interest Rate = 0.525 % 1 months interest = 10,000 * .00525 = $52.50 Your monthly payment is $305.58 Amount applied to balance = 305.58 - 52.50 = $253.08 New Balance = 10,000 - 253.08 = $9,746.92 Next month the interest will be calculated on the new lower balance and your intest payment will be $51.17. so you would have to figure that out by how many pmnts you've made BTW: This doesn't take into account any finance charges, billing charges, etc.
How can I change my Annual Percentage Rate?
The only way that one can change an annual percentage rate on a loan or credit card is to renegotiate the terms of the loan or credit balance with the lender. Another way would be to simply refinance the balance.
What is prime APR?
APR stands for Annual Percentage Rate or percentage of interest a company charges you on a 12 month basis for a balance on their card.
How many months will Rita pay in simple annual interest on a credit card that charges on her balance?
14 months
Last year Al could only afford to pay the interest charges on a 4700 balance so his balance did not change during the last year. If she paid 23.50 in interest a month what is her annual interest rate?
5%
Carrie could only afford to pay interest charges on her 4700 credit card balance If she paid 2350 in interest every month what was her annual interest rate?
5%
What is the annual opportunity cost of a checking account that requires a 500 minimum balance to avoid service charges. Assume an interest rate of 3 percent?
15.00
What is the annual opportunity cost of a checking account with a 6.5 percent interest rate that requires a 350.00 minimum balance to avoid service charges?
$350 * 6.5% = $22.75
What is the true annual rate of interest charged?
The true annual rate of charged interest is called the annual percentage yield. It is the interest charged and compounded against.
What does APR stand for on a credit card?
APR stands for Annual Percentage Rate. It's the amount of interest you pay each year on the outstanding balance.
What is annual interest?
Annual interest is interest that accumulates every year. This is a predetermined percentage that is added to a loan or credit card payment.
What exactly is a mastercard apr?
All credit cards are required to state the amount of interest charged in an annual percentage rate, or APR. Mastercard presents the interest it charges on financed balances in a APR number.
If you are borrowing which is best simple or compound interest?
If the rate of interest is the same, simple interest benefits the borrower. Compound interest charges (or pays) interest on the accrued interest as well as the principal amount. This is why the APR (annual percentage rate) may differ from the base interest rate on a loan, or on revolving credit balances.
If a simple interest car loan is paid off earlydo you deduct interest left on the loan from final payment?
loan is 3 year loan with an annual interest of 6.3% and you make monthly payments. Therefore each interest amount will be based on a one month period and thus 1/12 of the annual interest rate. Balance = 10,000 Monthly Interest Rate = 0.525 % 1 months interest = 10,000 * .00525 = $52.50 Your monthly payment is $305.58 Amount applied to balance = 305.58 - 52.50 = $253.08 New Balance = 10,000 - 253.08 = $9,746.92 Next month the interest will be calculated on the new lower balance and your intest payment will be $51.17. so you would have to figure that out by how many pmnts you've made BTW: This doesn't take into account any finance charges, billing charges, etc.
