brainlet here
what does 10% yearly interest on a loan mean?
If I pay the loan in 3 months do I still pay 1.1x the starting sum, or less?
Brainlet here
Gabriel Bennett
Jack Flores
That means there's 10% interest on the loan yearly dipshit
Brayden Cook
making larger payments on a loan results in a lower amount paid towards interest
Jason Bennett
rude, i already said i was a brainlet.
Dylan Long
You didn't answer his question
Jaxon Adams
under most circumstances, you'd pay less. when taking a loan you should if there are any early payoff penalties. if the loan is longer in duration, you'll want to understand the amortization table to understand how much interest vs. principal you're paying each month, and then you can calculate how advantageous it'd be to pay it off early.
Nathan Williams
Search "compound interest" user. And the answer is, it's less.
Jackson Jackson
>One year passes
You owe 110% of the loan
>Two years pass
You owe 121% of the loan (110 + [110 x .1])
>Three years pass
You owe 133% of the loan (121 + [121 x .1])
Justin Cooper
You didn't read the question.
Lucas Diaz
Depends on the payment period and compounding it. What was the term of the loan? Are there pre-payment penalties?
10% Interest per year, with monthly payment periods means you are paying 0.833% per month in interest on your balance.
Isaac Phillips
thanks for the reminder that i need to mow the lawn
Isaac King
God she's so hot its unreal REE.
Daniel Myers
She looks like leafyishere
Noah Bell
>that armpit hair
i have never desired anything more intensely than this woman in my entire life
Jordan Bell
You sicken me.
Wyatt Lee
holy shit that armpit hair
Nathan Hill
you probably don't even eat your woman's ass you low test faggot, get the fuck out of my board
Nathaniel King
who the fuck is she.moar
Xavier Sanchez
this pic is so old she has nosehair and mustache now
Logan Jackson
With Amortized Loans, you make a set Payment amount each month. Of that Payment amount, some is allocated to Interest, and what remains is allocated to repaying the Principle.
Assuming it's an Amortized Loan, it'll probably go something like this:
1. Divide 10% by 12 months to get how much in Interest you'll pay per month. (10 / 12 = 0.833%)
2. After end of First Month, you'll pay a set amount: X. Of amount X, the amount allocated to Interest will be: 0.833% x Balance, the amount allocated to Principle: X - Interest.
3. You will now have to recalculate your Balance, to account for the Principle you just repaid. And so, from Balance you'll subtract the calculation you just did to find out how much of X was allocated to Principle: X - Interest.
4. At the end of the Second Month, repeat the exact same calculations, except this time you'll use the New Balance you just calculated above, when calculating Interest (Balance x 0.833%).
At the end of the Third Month, I assume you'll pay off you Interest for that Month, along with any penalties, along with the remaining Balance.
Michael Anderson
look up "world naked gardening day", it's a hint from past threads but i didn't find her set
Ayden Stewart
WHO IS SHE??????
Andrew Gray
This. The bank will certainly be making profit either way you do it.
Hunter Ward
My brother of superior taste
Alexander Davis
Ryan Collins
>she
Anthony Cox
Gavin Diaz
God this website is infested with add.
Benjamin Brooks
not worth the click, save yourself the trouble and save whoever made this garbage webpage the advertising jewbux
Brody Lewis
10% yearly means 10/12=0.83% monthly, so you would pay 3x0.83=2.5% interest if you paid it all back in 3 months.
Luis Cooper
Less, since 10% a year is just .83% a month