The principal amount on a $ 250.00 loan
Date: Thu, 09/06/2007 - 13:24
The principle amount would be $250. To figure out the finance c
The principle amount would be $250. To figure out the finance charge you would need to know the interest rate.
I am so dumb- loan is 250.00 finance charge $ 75.00 percent
I am so dumb-
loan is 250.00
finance charge $ 75.00
percentage rate is 684.38%
:lol: Principle - $250 How long is the loan term for?
:lol:
Principle - $250
How long is the loan term for?
Pretty much what the interest rate means is that if you were to
Pretty much what the interest rate means is that if you were to pay on this loan for a whole year, paying the $75 every 2 weeks, you would pay a total of almost $1800.
ok- I dont know that amount though.......thanks for your help...
ok- I dont know that amount though.......thanks for your help...
Oh, then yeah, you would not be able to calculate it out to see
Oh, then yeah, you would not be able to calculate it out to see how much you would end up paying.
I just got a copy of an old loan that I got and I'm emailing the
I just got a copy of an old loan that I got and I'm emailing them and it doesnt say anything about a term....its an old contract...
If it's a pdl the normal term is one pay period, about 2 weeks.
If it's a pdl the normal term is one pay period, about 2 weeks. But if you keep rolling over the loan the term grows.
yes, and since rollovers are not permitted I am telling them wha
yes, and since rollovers are not permitted I am telling them what I will be sending them what I LEGALLY owe via USPS....... :D
Tweety I pm'd the info to you for a 2 week pdl at Indiana rates.
Tweety I pm'd the info to you for a 2 week pdl at Indiana rates. Hope that helps you!!
Depends whether the loan is simple interest (daily interest) or
Depends whether the loan is simple interest (daily interest) or precomputed (Rule of 78ths). I think most PDLs use simple interest...
Basically, under a simple interest method, you are charged one day worth of interest for each day that elapses in between payments.
To calculate a day worth of interest is relatively simple. First we need to take the apr (Annual % Rate) and turn it into a Daily rate ... simply divide the APR by 365 ... 684.38/365 = 1.875% per day. Then multiple the daily rate times your principle balance ... 1.875% * $250 = $4.69/day interest.
Then multiple that times the number of days you will have your loan open (14 days?) --- $4.69 X 14 = $65.66.
If you loan term was 14 days, then you should only be paying $65.66 interest. However, $4.69 X 16 is right at $75, so maybe your loan term was 16 days not 14.
How about the interest on a 200.00 loan? I cant figure it out..
How about the interest on a 200.00 loan? I cant figure it out....... :(
To calculate simple interest do as follows: Amount x Rate x (
To calculate simple interest do as follows:
Amount x Rate x (amount of days in term/365)
So for a $200 loan at 684.36% it would look like:
200 x 6.8436 x (14/365) *assuming a 14 day term
= $52.50
Is the apr the same as in the above example?? Then it would be $
Is the apr the same as in the above example?? Then it would be $52.50 for 14 days.