installmentloansindiana.org Installment Loans Near Me

What is a default or penalty interest rate?

Posted by on Sep 22, 2020 in installmentloansindiana.org Installment Loans Near Me | Commentaires fermés sur What is a default or penalty interest rate?

What is a default or penalty interest rate? What is interest? Interest is the lender’s fee for allowing you to use its money. It is expressed as a percentage of the loan amount. For example, a 5% annual percentage rate (APR) on a $10,000 loan would cost you $500 per year (5% x $10,000 = $500). A 7% APR means you would pay $700 per year for use of the money. What is fixed rate interest? Fixed rate interest does not fluctuate according to changes in an underlying index. The most common index used is the prime rate, though some card issuers tie variable interest rates to the London...

Read More