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What is charged in an interest rate? - Answers.com

por Florene Mead (2019-10-19)


Interest Rate is the cost of borrowing money. When a bank or other lending institution lends money to you, they charge what is called an interest rate. This interest rate is typically set by governing bank of the country - for example, in Canada it is the Bank of Canada, in the USA it is the Federal Reserve. This is called the Prime Rate and is the rate of interest banks charge their best customers. You and I usually get .5% or 1.5% more than that.

Credit Cards charge a lot of interest - typically 20% to 22% per annum.

What is the true annual rate of interest charged?
The true annual rate of charged interest is called the annual percentage yield. It is the interest charged and 토토사이트 compounded against.

What are the three major instances in our personal lives you will be charged interest rate?
The three instances where a person will be charged an interest rate will be on a home loan or mortgage, an automobile loan, or an outstanding balance on credit card. Student or college loans are also an instance where a person may be charged interest.

What is interest rate?
The percentage of a sum of money charged for its use.

What is the difference between the prime interest rate and that charged by banks to the public?
The difference is that rates charged by banks to the public have an additional rate added to the prime rate based on creditworthiness and rating. Poor credit equals a higher interest rate and vice versa.

Can you be charged 34.97 percent annual percentage rate?
Yes, if you agree to it. In order to be charged interest, you must be borrowing money, even on a credit card. If your credit card company is raising your interest rate to 34.97%, you are given the option to pay off your balance to avoid the interest rate. If you do not pay off the balance, you are, in essence, agreeing to pay the interest rate.

What is the prime interest rate?
The "Prime Interest Rate" is the interest rate used by banks to base all their loan interest rates (and sometimes other interest rates) on and is usually lower than the lowest rate charged on loans to customers with the best credit ratings.

Interest rate charged by IRS?
The interest rate charged by the IRS is based on the Federal Short-Term Rate, which is set by the Federal Reserve. The interest rate changes quarterly. It is currently 6% for individuals and 8% for corporations. Keep in mind that the IRS also charges penalties, and the penalties accrue interest as well. Because of this, most people will compare a tax liability as having an "effective interest rate" of 12-15%.

What would be the monthly interest on 500000?
The monthly interest on $500,000 will depend on the interest rate at the time the money was borrowed. Interest is usually charged as an annual rate and then broken down into monthly segments.

Anika magerhans would like to borrow 2000.00 for 60 days the bank charges ordinary interest of 30.00 what is the interest rate charged?
Well assuming it is compounded monthly then the total interest rate charged will be 3.765%. The total interest paid will be $75.30. There will be two payments of $1037.65.

How can one compare the interest rate charged by mortgage lenders?
The easiest way to compare the interest rate charged by mortgage lenders is to use websites such as moneysupermarket and the website known as realtor. Alternatively using the National Consumer Agency website will allow you to compare interest rates.

What does interest rate mean?
The percentage of a sum of money charged for it's used.

Can interest be charged once a lien is placed on property?
Yes, depending on the type of lien. Judgment liens accrue interest at a statutory rate. In Massachusetts that rate is 12%.

What interest rates are charged on new home loans?
It depends on how much one wants for a new house. The smaller the loan the smaller the interest rate will be. If you want a house of $500 000 your interest rate will be 6.13%.

How much interest can you legally charge in Wisconsin?
The maximum rate of interest you can legally charge someone in Wisconsin is five percent. The only way a higher interest rate can be charged is if there is a written agreement between the two parties.

What is a concessional interest rate?
An interest concession is a reduction, compared with commercial interest rates, in the interest rate charged on a loan taken out. Such concessions are typically provided directly by a government agency or by a government grant to a lending bank (in the case of a commercial loan).

When the fed auctions and loans reserves using the term auction facility what determines the interest rate that will be charged for those reserves?
The interest rate of the lowest bidder whose bid is accepted

What is the annual percentage rate APR on a credit card?
The amount of interest charged on unpaid balances

What is the lowest interest rate in the country?
The "prime" rate, which is regulated by the Federal Reserve Commission, with its' well-known chairman, Alan Greenspan. Prime is the interest rate that is charged to banks and lending institutions. It is THE basic rate which determines all other rates.

What is the interest rate on charged off accounts in the state of Ohio and ID?
The answer is not dependent on the state it is dependent on the underlying contract that created the debt. However, each state may have caps on the interest rate.

What is the lowest interest rate that may be charged to relatives?
From a non-taxable standpoint, 0% is the lowest rate that may be charged to anyone (not just relatives). From a taxable standpoint, the Applicable Federal Rate is the lowest rate that may be charged to anyone (not just relatives) if the lender wants to avoid paying taxes on the difference between the rate charged and the Applicable Federal Rate. Effectively, any loan with a rate under the Applicable Federal Rate is giving someone a gift...

What is policy rate?
Policy rate is the rate of interest that banks charge. It can be a rate charged from credit cards, insurance policies, savings accounts, checking accounts, or other similar things.

What is interest rate on matured unpaid amounts?
Any payments you didn't make are due on maturity date and will be charged with whatever %interest that clause states.

Interest rate on motor homes?
Motorhome interest rate is the yearly price charged by motorhome financing company in order for the borrower to obtain a loans. In general term it is expressed as a % of the total amount loaned.

What is a discount fee while closing a home?
A discount fee is a fee your lender is charging to reduce your interest rate. This fee should only be charged if your lender has to pay in order to reduce your interest rate.

What is Texas' maximum finance charge rate that can be charged on past due accounts?
According to Section 302.002, the state legal maximum interest rate is six percent per annum. Under Section 304.002, interest rate on money judgment is 18 percent per annum. If the judgment is based on a contract fixing a different rate of interest, the interest is equal to the lesser rate specified in the transaction.

What describes how a fixed rate mortgage works?
A fixed rate mortgage is a loan to buy a house and/or property in which the interest rate charged is 'fixed' or does not change. For instance, if you take out a 30-year fixed rate mortgage, you will have the same interest rate for the first payment as you will for the last payment, 30 years later.

Manju takes a loan of rs 500 from mannu and pays back rs 680 after a year What rate of interest did mannu charge?
We can't tell exactly what the interest rate was because we don't know how often it was compounded, but it's effectively a 36% APR.

What are the determinant of investment?
There are several determinants of investment. They include, the return on the investment, the interest rate, and the taxes charged on the returns.

What is the maximum interest rate taken by a finance company on unsecqured loan?
in my point of view they can charged 36% yearly

What interest rate do banks charge their best customers?
It depends on the country and bank. It is called the Prime Lending Rate or PLR. PLR is the rate of interest banks charge their most credit worthy customers. It is usually 0.5 to 1% less than the rate charged for regular customers

What are the benefits of low interest rate credit cards?
Having a low interest credit card is preferable because it costs you less to use it. For example, if you have a 9% interest rate and you charged $100 on your card, than you would also have to pay $9 interest on that $100 dollar purchase. If you have a 29% interest rate on a $100 purchase than you will have to pay $29 dollars on that $100 purchase.

Can interest be charged on child support interest?
No... this is illegal..(Federal).....no intrest can be charged on owed interest.

What is nominal interest?
Nominal Interest A nominal interest rate is the interest rate that does not compensate for inflation. This is used in relation to "effective interest rate" or "real interest rate." " Real Interest Rate = Nominal Interest Rate - Inflation Rate " Improvement suggested by Palash Bagchi.

Why is more interest charged at the beginning of a loan?
The interest is based on the amount owed, therefore as payments are made the balance drops as does the interest amount (not the rate). So the interest is higher at the begining, because more money is owed at the begining.

What is the maximum interest rate a finance company can charge on a 2002 used car loan in Florida?
In Florida, the highest interest rate that may be charged by a finance company for loans under $500,000 is 18% per annum. Be cautious, however, because there are no limits on the amount of fees that may be charged for the application or origination of the loan.

What is a bank rate calculator used for?
A bank rate is the rate of interest that is charged or paid by a bank on a balance of debt or credit. A bank rate calculator allows an individual to enter an amount and a bank rate, and see the impact of that rate against the balance.

What is the interest rate charged on student loans?
i kno da answa its bout 4000% times dat 6% shooter

What are teaser loan rates charged by banks?
Rate of interest in the initial period period is less and goes up subsequently.

New ruling on payday loans in South Carolina?
In March of 2009, the state of South Carolina passed a law that requires Payday loan companies to change the way they calculate interest on loans given within the state. Interest will now be charged on a flat basis and can only compound at the maximum rate of 26%. Before the law, interest was being charged at the rate of over 270%.

How does the Fed lower interest rates?
In reality, the Fed does not lower interest rates. It lowers the rate charged to banks to borrow money. This usually results in a lowering of commercial rates.

What is th highest interest rate on a personal loan?
Usury laws provide that interest rates charged on any loan may not exceed 25% As high as the lender wishes it to be.

Ms Jordan has been loan 2500 a year if interest charged is 275 what is the interest rate on the loan?
11% 2500.00 times 11% equals 275 per year.

How do I calculate the interest rate I am being charged on my mortgage loan?
Loan Amount : Rs. 100000/- Loan Taken On 15.05.2006 EMI Amount : 3762/- Per Month Loan Period " : 37 Months Please find the rate of interest

What is the maximum interest rate permitted to be charged by a credit card issuer?
Every state has different laws concerning interest rates. The least consumer friendly state concerning usury laws, Colorado, has a maximum annual rate of 45%.

Is the APR on credit cards the same as compound interest?
Credit card APR is the annual percentage rate of interest that a credit card holder is charged on all of or a portion of their account balance, when the full amount hasn't been paid on or before its due date; the APR meaning the annual percentage rate often includes any fees that are charged up front in the obtaining of a loan, counting that cost as well as the compounded interest in the conversion to...

Are personal loans from family taxable?
The loans themselves are not taxable. The interest paid on the loans are taxable to the lending relative. Also, if the rate being charged is lower than the Applicable Federal Rate (AFR), there will be an additional gift tax on the net difference between the AFR and the rate being charged.

Can a collection agency charge interest of 1030 to a charge off account that has been paid down to 700 from 4514 but you missed two months?
The collection company has probably charged interest sincethe day they received the account. The interest rate can differ from state to state on a charged off account. So yes, they can but that amount is not just for two months. You need to ask for a total breakdown on the account and see if the interest charged is correct.

What does the nominal interest rate mean?
A nominal interest rate is an interest rate that does not factor in the rate on inflation. Nominal interest rate could also refer to an interest rate that does not adjust for the full effect of compounding.

What is the term used to describe the dollar amount of periodic interest charged by financial institutions on credit accounts?
annual percentage rate

How does the real interest rate relate to the nominal interest rate?
A real interest rate and a nominal interest rate are quite similar. The only real difference between the two interest rates are that a nominal interest rate include the cost of inflation where as the real interest rate does not.

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