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yes, you pay part of what you owe and interest.
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∙ 11y ago
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When might one take advantage of an Option ARM loan?
An Option ARM loan gives the borrower a choice in how much the want to pay per month as well as a adjustable interest rate. People who pick this type of loan like the flexibility to choose how much the pay every month depending on their current expenses.
What is the maximum loan amount Magnum Cash Advance offers?
Magnum Cash Advance can offer a loan of $1,200. Or, the amount can be up to 30% of the take home pay that is put into a checking account every month.
What is a loan repayment plan?
Whenever you take out a loan, you are borrowing someone else's money. Whatever you borrow, you are expected to pay back. A repayment plan is a plan about how much you will pay back a month, and for how long. Say if you take out a 1,000 loan. Your repayment plan could be you paying 100 a month for 10 months.
How can I pay off my mortgage?
You should have a fully amortized loan to pay off your loan over time without having balloon payments or negative amortization. You can also prepay your principal every month.
How long would it take to pay off a loan if the payment is 340 a month with 13 interest if you paid 380 extra a month with a pay off of 12000?
36 months
Is there anyway I can calculate how much loan I can get?
You can use a loan calculator to find out the exact amount of loan you can get. You need to fill in a few details and it will give out the exact amount you will need to pay every month.
What does it mean to pay interest on an account?
The term pay interest is usually used along with loan accounts. This is the charge/money you pay a bank for the lending facility they have extended to you. For Ex: If I borrow USD 1000 from a bank @ 5% rate of interest per year, I have pay $50 as interest every year to the bank for the $1000 loan they gave me. If I plan on paying it in 10 equal installments, I will pay $105 every month for 10 months to repay the $1050 I owe the bank. Here the $5 I pay every month can be considered as "Paying Interest on my Loan Account"
How long it will it take to pay off my student loan if I have a $30,000 loan at 9.8% interest?
That depends on the amount of time you've deferred payments, and the amount you've been told to pay back each month. At $500 a month, it would take approximately 7 years to pay this off, which is about average for American graduates.
Pay the Mortgage Insurance Premium at closing and in your monthly payment?
If it is an FHA loan, you will pay Upfront Mortgage Insurance (around 1.75% of the loan amount) at the time of closing ( usually added to the balance of the loan ). Then you will pay a monthly MI payment ( about .55% added to the interest rate) every month.
Where can I learn about bank loan amortization?
It is the deal you made to pay or mortgage every month. It is the amount the bank is billing you over the course of your loan. It includes the interest calculated into monthly payments.
How much does the average person pay for taxes every month?
They take about $2k from me, and I hate it.
How does a bi weekly loan payment work?
A bi-weekly auto loan is the WORST way to go. You pay twice as much in interest. they calculate a total of monthly payments and have you pay every other week rather than every month. If you go to http://www.credityes.com you will never pay bi-weekly payments.
