How to Borrow Money
wikiHowMichael R. Lewis
How to Borrow Money
Effective ways to borrow money from family, friends, and financial institutions There are a number of methods for borrowing money if you've found yourself in a situation where you don't have the necessary funds to cover some unexpected...
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Calculating Interest Rate. You borrow 1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of 90 . However, the bank also charges you a loan-initiation fee of 20, which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan taking account of the impact of the initiation fee? | Numerade
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SOLVED:If you go into a bank and borrow 1,000, the bank probably will simply to your checking account at the bank.
SOLVED:If you go into a bank and borrow 1,000, the bank probably will simply to your checking account at the bank.
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Calculating Interest Rate. You borrow 1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of 90 . However, the bank also charges you a loan-initiation fee of 20, which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan taking account of the impact of the initiation fee? | Numerade
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