If you take out something such as a loan If you take out something such as a loan, a licence, or an insurance policy, you obtain it by fulfilling the conditions and paying the money that is necessary

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Brucy

If you take out something such as a loan If you take out something such as a loan, a licence, or an insurance policy, you obtain it by fulfilling the conditions and paying the money that is necessary I cannot understand loan here, when you loan money, you borrow money from the bank, how could it say paying the money that is necessary, pls give me the detailed reasons, thanks, I am an English rookie,

25 Ağu 2012 05:22

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If you borrow money from a bank[ take out a loan ] they will charge you 'interest' [extra money] as you pay it back to them. Interest rates vary from bank to bank. Here's an example of a $10,000 bank loan and they charge you 7.50% interest on top of your minimum monthly repayments. Of course you can pay more. Brucy's loan from Bank AAAA =$10,000.00 Minimum monthly payment..: $800.00 Maximum monthly payment.:$1200.00 Annual interest rate:7.50% Total Interest on your Loan: Using the maximum payment you'll pay $444.88($31.78 average per month) in total interest. Using the minimum payment you'll pay $302.79($33.64 average per month) in total interest. I am sure that now you will be able to work out how much this $10,000 loan is going to cost you!

25 Ağustos 2012