A variable rate loan can result in a lower payment in the short-term but carries a risk that the rate could rise during the long-term and produce significantly higher payments.
The higher the downpayment John pays towards his house, then the less he will have to pay towards a mortgage and easier it will be for him to obtain a loan for the house. If he is able to put down 20% of the house cost then it will be more cost effective for him in the long term as he will then have less to pay back to the loan company and then can pay back the loan over a shorter term with less interest.
Answer:
General manager ,branch manager and department manager is the Wright answer.
Hi there
20000×0.09+0.06x=5000
Where x is the amount invested at 6%
Solve for x
1800+0.06x=5000
0.06x=5000-1800
0.06x=3200
X=3200÷0.06
X=53333.33....answer
Good luck!
<span>The answer is 1.43 % per day.
Calculations:
Formula for simple interest: I=PRT, where I=interest; P= borrowed amount; R=rate of interest in percentage; T=time for repayment
hence; P=$300, I=$60, T=14 days, then R=?
R={(I/PT) *100)}% per day={(60/300*14)*100}=1.43 % per day
interest rate (R) that Fred was charged for the aforementioned loan was 1.43 % per day</span>