Question about Computers & Internet

1 Answer

Whatis1.5 percent interest on$6,300.0o pr annum

Posted by garth mackie on

Ad

1 Answer

Brett Duxbury

  • Level 3:

    An expert who has achieved level 3 by getting 1000 points

    Superstar:

    An expert that got 20 achievements.

    All-Star:

    An expert that got 10 achievements.

    MVP:

    An expert that got 5 achievements.

  • Computers & ... Master
  • 4,290 Answers

Depends on how often you pay off principle and how much dollars.
and how often you are charged interest.
fv=pv*(1+interest rate)^n n being the term of interest
so lets assume you pay zero off it and interest is calculated daily
fv=6300*(1+0.015/365)^365
interest = fv - pv
= 95.21 for one year without repayment
if you were to pay approx 25.15 a week you would pay this loan in 5 years time and pay approx $240 in total interest over five years
EXCLUDING future interest rate increases over the five years and excluding bank fees like account fees or account manage fee or setup a loan fee.
You could create a spreadsheet each day and calculate the interest as annual interest / 365 for the daily calculation
Then add the account fee onto the balance calc + any set up fee onto the start balance. by using =a$5 for the repayment on all rows as an example you can copy it down and the cell number will always be a$5
this way you can alter a5 and the repayment alters all the way down each week row.
or just download a template for excel
https://templates.office.com/en-us/Loan-amortization-schedule-TM10073881

Posted on Jan 19, 2018

Ad

1 Related Answer

Anonymous

  • 548 Answers

SOURCE: The National Bank of Scotland pays 5% compound

First year: 5% from 980£ is 49. So after the first year you have 980+49=1029
Second year: 5% from 1029£ is 51,45. So after the second year you will have 1029+51,45=1080,45
Third year: 5% from 1080,45 is 54,02. So after the second year you will have 1080,45+54,02=1134,47.
In three years you have 154,47=54,02+51,45+49
If you need further assistance, just leave a comment. Cheers

Posted on May 16, 2010

Testimonial: "Thanks "

Ad

Add Your Answer

×

Uploading: 0%

my-video-file.mp4

Complete. Click "Add" to insert your video. Add

×

Loading...
Loading...

Related Questions:

0helpful
1answer

What is the Current Interest Rate on Fixed Deposit in India in 2018

Following demonetization and the associated spurt in the number of deposits, the rates of interest for term deposits like fixed deposits and recurring deposits were slashed for specific maturity baskets. Depending on the bank or the Non-Banking Financial Company (NBFC) chosen, the rate of interest will vary. Moreover, the tenure of investment too plays a key role in determining the rate of interest for a fixed deposit as mentioned earlier. That being said, FD investors can expect to earn anything between 3% per annum to more than 8%, considering the factors mentioned above.

The age of the fixed deposit investor affects the rate of interest too- senior citizen investors who are 60 years or older earn more through FDs as compared to the non-senior citizen investors.

Generally, non-banks provide a higher rate of interest than nationalized and private banks. However, investors need to make sure that the institution they decide to deposit their money is of good repute. Here, stability ratings provided by relevant credit rating agencies can help in choosing the right bank or NBFC.
Jan 11, 2018 • Finance
0helpful
2answers

Are There Any Fees When I Apply For A Business Loan?

The interest rate you will pay on your Business overdraft is linked to the Bank of England Bank Rate, which may change from time to time.
Based on our assessment of your individual circumstances, we may offer you a rate of 10.31% per annum (10.06% plus the current Bank of England Bank Rate). This is correct as at 4th August 2016.
If it is not prearranged, the Unauthorised Borrowing Interest rate is 26.4%.
The unauthorised borrowing interest rate has been effective from 01/08/2005 and was last reviewed on 09/03/2009.

The Unauthorised Borrowing interest rate is not linked to the Bank of England Bank Rate and can be changed by the bank at any time. In accordance to account terms and conditions, notice will be provided for changes to the unauthorised borrowing interest rate.

You'll pay an arrangement fee of up to 1.5% on your overdraft, which is related to the amount you borrow. We'll also discuss the terms with you before any overdraft is taken out.

To cover our administration costs for smaller facilities, there will be a minimum scale charge of between £100 and £250 resulting in the overall charge being more than 1.5%.
0helpful
2answers

How to use power and percent in el-531x scientific calculator.

To use the power, you use the y to the x key, above the EXP key. To enter 2 to the power of 4, you enter 2 hit the y to the x key and enter 4 and hit enter.

To use percent function, you enter the percent key after the number. To calculate Interest, where Interest = Principal x Interest x Time. For example, if the principal is $1,000, the interest rate is 8%, and time/term is 4 years, we would enter 1000 x 8 Percent x 4. When the8 is entered followed by the percent key, it should turn into 0.08.

Good luck,

Paul http://www.sharp-world.com/contents/calculator/support/guidebook/pdf/Operation_Guide_EL-531W_ser.pdf
0helpful
1answer

Ignacio earns 5 percent simple interest annually on his savings account. How much interest will he earn each month on $1250?

About $5.21. Though if it's truly simple interest then he may not earn any interest until he receives $62.50 at the end of the year.
0helpful
1answer

Resultant rate calculation

There is no 'resultant rate' as it changes every period. Assuming the period for each deposit is 1 year, the growth is as follows-

24034577-vul1fvgscd0ugyfa20t1nynz-5-0.jpg
0helpful
1answer

What is the total population of victoria canada? what is their average family size? what is their average income per annum?

Total population - 78,000 within metropolitan area of Greater Victoria with about 330,000
Average family size - 2.2
Average income per annum - 77,810 (2008)
1helpful
1answer

The National Bank of Scotland pays 5% compound interest per annum. How much interest would be received after three years on a deposit of £980 in the bank?

First year: 5% from 980£ is 49. So after the first year you have 980+49=1029
Second year: 5% from 1029£ is 51,45. So after the second year you will have 1029+51,45=1080,45
Third year: 5% from 1080,45 is 54,02. So after the second year you will have 1080,45+54,02=1134,47.
In three years you have 154,47=54,02+51,45+49
If you need further assistance, just leave a comment. Cheers
Not finding what you are looking for?
Computers & Internet Logo

Related Topics:

77 views

Ask a Question

Usually answered in minutes!

Top Computers & Internet Experts

Ekse

Level 3 Expert

13435 Answers

Brad Brown

Level 3 Expert

18852 Answers

Cindy Wells

Level 3 Expert

6394 Answers

Are you a Computer and Internet Expert? Answer questions, earn points and help others

Answer questions

Manuals & User Guides

Loading...