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Q: How much will Pauline pay in interest if she takes out a simple interest loan with a principal of 3900 at 7.2 for three years?
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How do you convert diminishing rate of interest to flat rate of interest?

Converting the flat rate of interest to diminishing rate and vice versa takes into account the payments the loan entails. Flat interest rates reflect the amount of interest you will pay if no payments over time are made. Diminishing interest rate factors in that after a payment is made, your over all loan balance will be less, there for your next payment will have slightly less principal balance for interest to be calculated on.


How does one use a mortgage calculator?

A mortgage calculator works by taking in the general loan information amount, interest rate, term. The calculator takes the information and determines a monthly payment amount.


How to Calculate CD Growth?

If you are looking to save money, a certificate of deposit account is a great option for you. A CD is similar to a savings account in that the money you deposited is insured by the government. However, there are several differences. When you open a CD, you agree to leave your money in the bank for a set amount of time. During this time, you cannot withdraw the funds. Doing so could cause you to pay significant penalties. In return, a CD offers the best interest rates of any savings account. The longer you leave your money in the account, the better interest rate you will receive. Figuring how much interest you will gain from a CD depends on several factors. In order to calculate how much you will gain by opening a CD, you need to figure out how long the terms are and what the interest rate will be. Generally speaking, most CDs range in duration from a few months to five years. Once you know how long you want your CD to last, you should receive an interest rate. Interest rates vary depending on the market. However, once you lock in to a rate it will not change. When you sign up for the account, you will receive your interest rate in writing. So how do you calculate CD growth? Assuming your interest compounds annually, the calculation is pretty simple. The first thing you need to do is convert your interest rate in to a format that is easy to calculate. For example, let's say your interest rate is 3%. You would then use .03 for the purpose of calculating growth. The next thing you want to do is add one to this number. This is to account for the percentage you want to add to the principal. This would make the number you want to use in your calculation 1.03. The next step is factoring in how many years or months it takes for the CD mature. Let's say you have a CD that is five years long. You would then raise 1.03 to the fifth power. This would give you a new number of 1.15927. Once you have this number, multiply your original deposit by it. For example, if you deposit $1,000 in to the CD, multiply that by 1.15927. This gives you an amount of $1,159.27. This is how much the CD will be worth when it matures.


What does 'I got what it takes' mean?

It means you have whatever it takes to get the job done. It means you are confident that you can do the job.


How long would it take to accomplish online cpr training?

Taking an on line cpr training course can be completed in as little time as an hour. There is even a site that boasts you can have the class completed in under the time it takes to drive to a class. They make is simple to complete the courses on line and have several different options to choose from. http://www.cprtoday.com/how_it_works.php

Related questions

How much will Pauline pay in interest if she takes out a simple interest loan with a principal of 3900 at 72 percent for three years?

842.40


How much will Pauline pay in interest if she takes out a simple interest loan with a principal of 3900 at 7.2 percent for 3 years?

I = ptr/100 = (3900 x 3 x 7.2)/100 = 842.40


How much will Pauline pay in interest if she takes out a simple interest loan with a principal of 3900.00 at 7 2 percent for 3 years?

Assumption: "7 2" is actually 7.2 Simple interest is simple. All you do is multiply the principal by the rate to get the yearly amount of interest. Therefore, 3900 times 7.2 is the same as $3900 x 0.072 = $280.80 per year interest. Since its over 3 years, just multiply by 3. Therefore, you get $280.80 x 3 = $842.40 in interest.


What is the similarity between simple interest and compound interest?

Simple interest is calculated on the principal only. If you have $1,000 and earn 5% interest per year, you will receive $50 at the end of year one. At the end of year two, you will receive another $50. And on it goes. With compound interest, you earn interest on the principal plus any interest you previously earned. Looking again at the previous example, at the end of year one you will still receive $50. At the end of year two, however, you will receive $52.50. Why? Because the 5% is paid on the principal PLUS the interest you previously earned. At the end of 10 years, you'll receive $77.57. After 20 years, $126.35. With simple interest you would still receive only $50.


What is the duration of Principal Takes a Holiday?

The duration of Principal Takes a Holiday is 1.6 hours.


When was Principal Takes a Holiday created?

Principal Takes a Holiday was created on 1998-01-04.


What role do interest rates lay in mounting consumer debt?

High interest rates play a role in mounting consumer debt. When interest rates are high, more of a person's payment is being applied to interest versus principal. Because of this, it takes the consumer longer to payoff their debt.


How can I find a simple interest calculator online?

www.moneychimp.com works great for individuals and small business alike. It takes in to account how much money is there as well as what type of interest compounded the money is in.


What is the correct sentence . takes keen interest or takes a keen interest?

He takes a kee interset


How many years of college does it take to be a principal?

it takes 6 years to be come a principal


What does the Bates method do?

The exercises themselves are simple, but Bates stressed that it takes discipline and attention to detail in order to achieve improvement. Some of the principal exercises of the Bates method are described below.


How do you convert diminishing rate of interest to flat rate of interest?

Converting the flat rate of interest to diminishing rate and vice versa takes into account the payments the loan entails. Flat interest rates reflect the amount of interest you will pay if no payments over time are made. Diminishing interest rate factors in that after a payment is made, your over all loan balance will be less, there for your next payment will have slightly less principal balance for interest to be calculated on.