Brenda bought a swimming pool by obtaining an 8% add-on interest installment loan from the bank. The pool cost $2,400 and the bank required a 15% down payment and equal monthly payments for two years . How much is Brenda's monthly payment ?
I thought it was $98.60 but I can definitely be incorrect :) Did you find out the solution after?
I thought it was $98.60 but I can definitely be incorrect :) Did you find out the solution after?
AnonymousFeb 05, 2009
Brenda bought a swimming pool by obtaining an 8% add-on interest installment loan from the bank. The pool cost $2,400 and the bank required a 15% down payment and equal monthly payments for two years . How much is Brenda's monthly payment ?Brenda bought a swimming pool by obtaining an 8% add-on interest installment loan from the bank. The pool cost $2,400 and the bank required a 15% down payment and equal monthly payments for two years . How much is Brenda's monthly payment ?
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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%.
A business loan with a variable rate would better suit this purpose. You can't add to the principal balance of a business loan with a set fee at some point of the fixed interest rate term. If multiple drawing is required while the rate is set for a time frame, break costs may be charged.
The dollar cost and monthly amounts are significant only relative to a specific business loan amount. Dollar cost doesn't allow borrowers to evaluate expenses throughout specific loan amounts, or evaluate the typical prices of different lenders. Interest rates describe the cost irrespective of loan size.
I thought it was $98.60 but I can definitely be incorrect :) Did you find out the solution after?
Brenda bought a swimming pool by obtaining an 8% add-on interest installment loan from the bank. The pool cost $2,400 and the bank required a 15% down payment and equal monthly payments for two years . How much is Brenda's monthly payment ?
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