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Can business charge interest then add more interest the following month if not paid or is this charging interest on interest?
Wiki User
∙ 15y ago
It is called compounded intrest, and it is legal. If you borrow $100.00 at 20%, your total debt will be $120.00 at the end of the first period. If you let that $120 ride for another period, at 20%, then you will owe $144.00 at the end of the second period. This is how credit card companies and mortgage corporations screw the consumer. There is no such thing as a simple-intrest loan in business.
Wiki User
∙ 15y ago
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How does a bank make most of its profit on it business?
By paying out less in interest on deposits than it earns in interest on loans
What are each responsible for different areas of interest and are in charge of all business that deals with that particular subject?
If you want to ask questions about the "following", then I suggest that you make sure that there is something that is following.
Is interest is halal or haram?
Charging interest is haram in Islam. We try our best not only to not charge interest, but to avoid paying interest. So, always try to find things 0% interest.
Can the bank charge interest after the cards has been cancelled?
No. A Card can/will be canceled only when there are no dues against the card and hence charging interest after the card is canceled cannot be done.
Can you make a personal loan without charging interest?
It's your money, you can pretty much do what you want with it (there are a few exceptions). But sure, you can make a personal loan and not charge interest.
Can you charge interest on interest in the sate of MA Someone is sending me a bill with an interest charge on it and now theyre charging interest on the interest Is this possible or even legal?
no, its called usury and its illegal
How does a bank make most of its profit on it business?
By paying out less in interest on deposits than it earns in interest on loans
What are each responsible for different areas of interest and are in charge of all business that deals with that particular subject?
If you want to ask questions about the "following", then I suggest that you make sure that there is something that is following.
Is interest is halal or haram?
Charging interest is haram in Islam. We try our best not only to not charge interest, but to avoid paying interest. So, always try to find things 0% interest.
Can the bank charge interest after the cards has been cancelled?
No. A Card can/will be canceled only when there are no dues against the card and hence charging interest after the card is canceled cannot be done.
Can you make a personal loan without charging interest?
It's your money, you can pretty much do what you want with it (there are a few exceptions). But sure, you can make a personal loan and not charge interest.
Why does a bank charge interest on the money it lends?
Because that is the business or main purpose of the Bank. When you deposit any money in a bank, you expect an Interest. How can the bank afford to pay you interest? It lends the money you deposited and obtains an interest from the loan borrower. After taking a percentage of that interest as profit for them, the remaining is usually given to the deposit customers. The bank will be in huge losses of it is accepting deposits and paying interest while not charging interest on the money it lends.
What is the legal maximum interest rate that a small business can charge for a past due account?
In Wisconsin, what is the maximum allowable monthly interest rate I can charge customers who are delinquent in their bills?
What is riba or usury?
riba is an Arabic term which means to charge interest while usury is a term meaning being charged absorbitant or very high interest on monies loaned or fees for charging.
Transfering charge by touching is charging by?
Transferring charge by touching is charging by CONTACT
Offensive foul where a player runs into a defender?
Charging - When an offensive player runs into a defender who has established position.
Can a credit card continue to charge interest when the bank goes out of business?
According to my opinion, if a bank goes out of business or becomes bankrupt then credit card cannot continue to charge interest . Because now bank has no rights to give and take money from anyone.
