How can you Evaluate the benefits of an installment loan.
Homework Answers
Sometimes we need additional cash to pay for an urgent need. However, because of the size of the loan, we might find it stressful to fully repay the loan in a short window of time. Avoiding such stress is just one of the advantages of getting the cash we need through an installment loan.
An installment loan allows us to make payments on our loan over a longer period than with a traditional payday advance loan.
Benefits of choosing an installment loan:
Helps reduce financial stress: By making smaller, manageable payments over a longer repayment time, we can avoid having to repay the loan in full by the following pay day.
Better financial management: Because the installment payments are timely and regular, we’ll have the clarity and consistency to manage our finances smoothly.
Handle other immediate needs or priorities: With smaller loan repayments over time, we can comfortably pay our normal living expenses or have additional funds to help manage other smaller emergencies.
Get the amount we really need: Feel more comfortable taking out a larger loan because our loan amount is not limited by our ability to repay the entire loan with our next paycheck.
Get a loan fast: We can apply and if approved, we can get an answer on an installment loan online in just minutes.
Flexible approval terms: Installment loans are also available to those with stressed or less than perfect credit.
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need help Suppose you take out a 60-month installment loan to finance one year of tuition...
need help
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Can Abigail and Alexander Afford This Home Using the Installment Debt Loan Criterion? Next week, your friends Abigail and Alexander want to apply to the Third Universal Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $215,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. (Note: When completing the form, round each dollar amount to the nearest whole dollar.) To...
Can Jacob and Madison Afford This Home Using the Installment Debt Loan Criterion? Next week, your friends Jacob and Madison want to apply to the Tenth National Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $185,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. (Note: When completing the form, round each dollar amount to the nearest whole dollar.) To...
Installment Loan Schedule Assume you are to borrow money, the loan amount, at an annual interest rate to be paid in equal installments each period Loan Amount $ 25,000 9.90% Annual Interest Rate Periods per year 12 Years to payback See Table B.3 in book. 47.17454194 FACTOR = [1 -(1 / ((1R)An)]/ R Factor $ Equal Payments 529.95 let R = period interest rate number of periods to payback loan let n Number of periods: 60 Reduction in Principal Interest...
8. Calculating an installment loan payment using simple interest Calculating the Loan Payment on a Simple-Interest Installment Loan Instaliment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add-on method. For...
need help
Suppose you take out a 60-month installment loan to finance one year of tuition for $13,100. The payments are $327.50 per month and the total finance charge is $6,550. After 24 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff. $5,476.23 $7,623.77 OOOO $9,406.23 $11,790.00
5. Brian borrowed 18,000 on a 60 month installment loan at a 6% (annual) interest rate. The loan requires payments of $347.99 per month. How much interest will be charged for the first month and for the second month? (Show your calculations.) First month = Second month =
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