0
compound interest
Wiki User
∙ 7y ago
Add your answer:
Earn +20 pts
How does a fixed interest rate loan work?
A fixed interest works as follows. You agree an amount you want to borrow, at what interest rate, and for how long. You then pay back that loan with that interest rate fixed, until the term ends.
How does an employee stock ownership plan work?
An employee stock ownership plan works by making employees of a particular company owners of stock in that company. It is part of the benefit plan of that company and also allows the employee to borrow money against it.
What is meant by fixed deposits?
Fixed Deposit also called as term deposit in many countries works in a very simple manner as decided by Financial institutions. You have to deposit your money for a fixed tenure and you get a legitimate interest on that amount. Once the tenure is completed, you get your money after maturity. The final amount contains Principal amount Plus Interest Rate.
What is the rule of 72 in savings and investments?
The rule of 72 is a quick and very accurate method of determining how long it takes for money to double at a specified rate of interest, compounded annually. For example, using the rule of 72 with a compounded interest rate of 6% it would take 12 years to double your money (72 divided by 6). The precise amount of time it takes to double your money at 6% based on the actual computation of compounded interest is 11.9 years. The rule of 72 works very well unless the rate of interest exceeds 20% at which point the error rate starts to deviate substantially from the actual answer. The rule of 72 can also be used to figure out what rate of interest you need to double your money in a specified number of years. For example, if you want to double your money in 5 years, divide 72 by 5 and the interest rate needed is 14.4%.
How does mortgage work?
Mortgage works the same as paying layaway. You put a percentage of the money down upfront, and pay a percentage of the remainder off each month to the bank plus accumulating interest.
Do you know how a reverse mortgage works?
A reverse mortgage works by allowing someone to borrow against their home equity. The money does have to be paid back, though
What do you call a person who works against the interest of his country?
A traitor.
How does a fixed interest rate loan work?
A fixed interest works as follows. You agree an amount you want to borrow, at what interest rate, and for how long. You then pay back that loan with that interest rate fixed, until the term ends.
How does an employee stock ownership plan work?
An employee stock ownership plan works by making employees of a particular company owners of stock in that company. It is part of the benefit plan of that company and also allows the employee to borrow money against it.
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.
Can a bank legally ask why you need an auto loan?
Yes. A bank can legally ask you why you need an auto loan. You want to borrow money from them. They want to get it back. They want to make sure you are a good upstanding citizen and a good credit risk. They can ask you almost any question they please. They do not have to lend you money. You do not have to borrow money from them. You can go down the street and borrow from someone else. That is the way private enterprise and life works.
In order to put together a specific exhibition museum curators often have to?
borrow works of art from other museums.
What has the author Nik Borrow written?
Nik Borrow has written: 'A guide to the birds of western Africa' -- subject(s): Birds, Pictorial works
An economic interest group works to?
An economic interest group works to gain economic advantages for its members.
How do you diagnose a faulty modem zxdsl531b?
borrow your mates and if it works then bin yours ;-)
What occupation does tom walker take?
Tom Walker is a greedy and unscrupulous man who works as a usurer, lending money at exorbitant rates of interest.
how personal loan interest is calculated?
Here's a simplified explanation of how it works: Principal Amount: The principal amount is the initial sum you borrow from the lender. This is the base amount upon which interest is calculated. Interest Rate: The lender specifies an annual interest rate as a percentage. For example, if you have a $10,000 personal loan with an annual interest rate of 5%, the interest rate is 0.05. Time Period: The time period refers to the duration for which you borrow the money, usually expressed in years but sometimes in months. For example, if you have a 3-year loan, the time period is 3. Interest Calculation: To calculate the interest for each period (usually monthly), you multiply the principal amount by the annual interest rate divided by the number of periods in a year. For example: Monthly Interest = (Principal Amount × Annual Interest Rate) / 12 Total Interest Paid: To find the total interest paid over the life of the loan, multiply the monthly interest by the total number of periods (months) in the loan term. For a 3-year loan, this would be 36 months. Total Interest = Monthly Interest × Total Number of Periods Total Repayment Amount: To determine the total amount you'll repay, add the principal amount to the total interest. Total Repayment Amount = Principal Amount + Total Interest
