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Which will have a higher effective interest rate a payday loan for 2300 due in 15 days with a fee of 120 or a payday loan for 2300 due in 13 days with a fee of 120?
To determine the effective interest rate, you can calculate the fee as a percentage of the loan amount and annualize it based on the loan duration. For the first loan, the fee of $120 on a $2300 loan over 15 days results in a higher effective interest rate compared to the second loan with the same fee but a shorter duration of 13 days. Since the second loan has a shorter repayment period, it will yield a higher effective interest rate when annualized. Therefore, the payday loan due in 13 days will have a higher effective interest rate.
What does it mean to pay interest on a loan or credit card?
Paying interest on a loan or credit card means that you are charged a fee for borrowing money. This fee is a percentage of the amount you borrowed and is added to your total repayment amount.
What is the principal fee associated with this loan?
The principal fee associated with a loan is the initial amount borrowed that must be repaid, excluding any interest or other charges.
What sort of interest rates do pawn shops charge (in West Virginia)?
They charge storage interest fee and withholding rate (in West Virginia). You can read more info at www.startupbizhub.com/Starting-a-Pawn-Shop-Business.htm
How do you Calculate Commitment fee on revolving loan?
Unused $amount x interest rate x #days in the period = commitment fee
What is the maximun interest fee on a pawn loan in CA?
10%
What is charges such as collecting loan fees and the interest the customer pays on the loan?
servicing fee
Which will have a higher effective interest rate a payday loan for 2300 due in 15 days with a fee of 120 or a payday loan for 2300 due in 13 days with a fee of 120?
To determine the effective interest rate, you can calculate the fee as a percentage of the loan amount and annualize it based on the loan duration. For the first loan, the fee of $120 on a $2300 loan over 15 days results in a higher effective interest rate compared to the second loan with the same fee but a shorter duration of 13 days. Since the second loan has a shorter repayment period, it will yield a higher effective interest rate when annualized. Therefore, the payday loan due in 13 days will have a higher effective interest rate.
What is the maximum interest fee for a personal loan in CA?
Ten percent.
What is the principal fee associated with this loan?
The principal fee associated with a loan is the initial amount borrowed that must be repaid, excluding any interest or other charges.
What does it mean to pay interest on a loan or credit card?
Paying interest on a loan or credit card means that you are charged a fee for borrowing money. This fee is a percentage of the amount you borrowed and is added to your total repayment amount.
What sort of interest rates do pawn shops charge (in West Virginia)?
They charge storage interest fee and withholding rate (in West Virginia). You can read more info at www.startupbizhub.com/Starting-a-Pawn-Shop-Business.htm
Where can your granddaughter apply for a low interest student loans?
Apply for US Banks No Fee Loan. The interest rate is considerably low and many of the fees that other loans include, like the origination fee, are not included with this loan.
What does the final price include when buying a car?
if getting a loan, it will include interest. then the licensing fee, and sometimes cleaning fee, set up fee, optional service fee.
How do you Calculate Commitment fee on revolving loan?
Unused $amount x interest rate x #days in the period = commitment fee
Why is interest higher than principal in a loan repayment?
Interest is higher than principal in a loan repayment because it is the cost of borrowing money from a lender. The lender charges interest as a fee for allowing the borrower to use their money, and this fee is calculated as a percentage of the remaining principal amount owed. As the loan is repaid, the interest is calculated on the remaining principal balance, which is why interest payments can be higher than the principal amount initially borrowed.
What do you need to know about hard money loan?
a hard money loan requires a fairly high up front fee, and has a high interest rate.
