Loan Amount = P = $9562
APR = r = 3%
Tenure of Loan = t = 1 year
Amount to be repaid after 1 year = P(1+r)t = 9562(1+0.03)1 = 9848.86
Hence, Interest Paid = Amount Repaid - Loan Amount = 9848.86 - 9562 = $286.86
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount...
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount is $11061 and the bank charges her 3% APR., how much interest will she be paying over a year? Answer: Check
Suppose G'daiya has a personal loan, interest of which is tax deductible. If her loan amount is $11061 and the bank charges her 3% APR., how much interest will she be paying over a year? Answer: Check
The interest that Takerra pays on her student loan is tax deductible. If she pays 7.9% APR interest on the loan and her marginal tax rate is 20% then, what actually the student loan is costing her (what is the after tax rate)? Answer: Check
INICIJI UL CUIU TILT The interest that Takerra pays on her student loan is tax deductible. If she pays 8.0% APR interest on the loan and her marginal tax rate is 9% then, what actually the student loan is costing her (what is the after tax rate)? Answer: Check
The interest paid on which type of loan is not tax deductible? Multiple Choice Home equity loan interest for home improvements Credit card interest Mortgage interest to buy a home Mortgage interest to build a home Investment interest up to the amount of investment income oan Martin expects interest rates to decline over the next few months. To achieve her long-term financial goals, she will trade off liquidity for a higher return by using a: Multiple Choice regular savings account....
One of your clients has an outstanding personal loan of 77,000, which is stated to have 20.3% APR interest. If the bank actually compounds interest daily, how much money will your client owe on this loan at the end of the year, assuming no additional borrowing or repayment of the loan?
If Ariana keeps $659 in her bank account which pays her 9% APR., how much interest will she be making per year? Answer: Check
If Ariana keeps $796 in her bank account which pays her 4% APR., how much interest will she be making per year? Answer: Check
Jenna is considering paying off her current credit card bill with a 2-year loan from her bank. She has stopped using the card and is paying $100 per month that will pay off the total balance in 2 years. The bank charges an upfront $500 fee to make the loan but will lower her monthly payment to $50 per month. Jenna is evaluating the loan using the payback period method with a 1-year payback period as the goal. Should she...
22.) A credit card has a stated interest rate of 13.3 percent. What is the APR if interest is compounded monthly? Charming Charlies charges a daily rate of 0.03 percent (.03% or .0003) on its store credit cards. What interest rate is the company required by law to report to potential customers? Charming Charlies charges a daily rate of 0.03 percent (.03% or .0003) on its store credit cards. What is the effective annual rate it charges its customers? Curtis...