|Pay Back Amount when Mature||$179, 084.77|
|Total Interest||$79, 084.77|
Calculator for Paying Back a Fixed Amount in the End
Use this calculator for calculating bonds or other related financial products.
|Amount the Borrower will Receive
When the Loan Start:
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An interest rate is the percentage of money paid by a borrower to the lender for the use of money. For most loans, the interest is added to the principal so that the interest that has been added also earns interest. Normally loan interest was expressed in APR, which is the interest rate compounded monthly. The normal rate published by banks or APY is the interest rate compounded annually.
Loan Basics for Consumers
Consumers generally seek loans out of financial need, or because they want to acquire something: A car, a vacation, an extension to the home. Loans of this type are quite different from mortgages which finance house purchases.
What characterizes most consumer lending is that it is intended to be relatively short-term. It rarely extends for more than ten years. It may take many different forms: Credit card purchases are a form of consumer loan, even if the consumer pays the purchase back at the end of the month. Short-term loans to help cover bill payments, or even the so-called 'paycheck' loans made just to cover a consumer's salary payment are all forms of consumer lending.
There are two basic kinds of consumer loans: Secured and Unsecured.
A secured loan means that the consumer has put up some form of property in exchange for the money. You might go to a bank, and offer a valuable coin collection up as collateral for a secured loan that permits you to buy a small boat that you wanted. You could, of course, sell your coin collection to get the money, but then you wouldn't have it anymore. By putting it up as collateral, you get to keep it so long as you pay the installments on the loan. Of course, you pay interest on the loan as well.
When you take out an unsecured loan, you simply sign an agreement to pay the loan back. There is no collateral, no property that belongs to you to guarantee repayment. You can obtain a personal loan that unsecured, but there are others that we obtain relatively easily like credit cards and overdrafts. It is quite difficult to obtain a personal loan on an unsecured basis. One must have an excellent credit rating to qualify, and, often, banks will only consider longstanding clients for such loans.
For whatever kind of loan you borrow, you will have to pay interest. Interest is the profit that the bank or lender makes on loan – what it earns for doing business with you.
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