0
When a borrower pays back a loan both the principal and the interest must be repaid What is the total amount you would pay back on a simple interest loan with a principal of 10500 at 6.3 percent for?
Wiki User
∙ 14y ago
13,807.50
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What is the simple interest on 642 for 7 years at 11 percent per annum?
$494.34 Interest= principal amount * time* simple interest %
A principal of 950 is invested in an account at 7 percent per year simple interest What is the amount of the principal after 5 years?
1282.5
Who pays remaining principal on foreclosure?
Remaining principal (and interest on remaining principal unpaid) is the responsibility of the borrower, of course. The lender whose foreclosure sale did not net the full outstanding amount can place a lien on any other property of the borrower and sue to liquidate those possessions or receivables to satisfy the debt.
Charge made for using another's money?
If you are talking about interest, that is a charge that a lender can add onto a borrower's principal amount in exchange for the borrower using the lender's money (aka a loan). If you are talking about a criminal charge, that would be either theft or fraud.
What is a notice of loan interest due?
A Notice of Loan Interest Due is a legal document letting a borrower know that they will owe interest as a result of undertaking a loan. These notices generally provide the amount of principal/amount borrowed, the term for which the loan will be taken and the annual percentage rate incurred. Notices of loan interest provide a legal "announcement" to the borrower such that if they choose not to pay the interest, the lender has a better chance to win a civil judgment agains the borrower.
What is the principal amount which earns Rs24 as simple interest for 3 years at 10 percent interest per annum?
Rs 80.
If the principal on a loan is 2455 and the interest rate is 3 percent and the simple interest amount is 441.90 how long will it take?
6 years
What is meaning borrower?
Borrower. A person or company that has received money from another party with the agreement that the money will be repaid. Most borrowers borrow at interest, meaning they pay a certain percentage of the principal amount to the lender as compensation for borrowing.
Interest paid on both the principal and the interest accumulated on the principal is called?
amount
How much is 5 years auto loan at 0.9 percent interest?
That would depend on the original principal (the amount you borrowed) and how they compute interest.
What is the predetermined amount the borrower must pay for the use of borrowed money?
Interest is a predetermined amount that a borrower must pay for the use of borrowed money. Interest is calculated as a percentage of the amount borrowed.
Does an increase of 4 percent in the interest rate result in a 4 percent increase in the total interest paid?
Not usually. A "4 percent increase in the interest rate" usually means that there is some reference interest rate of x percent that is increased to 4 + x percent. This means that the interest paid increases from x percent of the principal to 4 + x percent of the principal. Therefore, the interest paid increases by 100 (4/x) %. For example, if a recent Federal funds rate of 1 % in the United States were to be increased by 4 %, the interest paid on any given amount of principal would increase by 400 %!
