Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,152,900 members, 7,817,661 topics. Date: Saturday, 04 May 2024 at 04:40 PM

Pls Accountants & Bankers In The House - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Pls Accountants & Bankers In The House (553 Views)

CBN & Bankers Committee Suspends Lay-offs In Banks / How Banks And Bankers Are Getting Richer Through Foolish Dead Husbands / Bankers, Is This True? (2) (3) (4)

(1) (Reply) (Go Down)

Pls Accountants & Bankers In The House by router123(m): 10:38pm On Mar 15, 2017
HOW DOES INTEREST RATE WORKS ON LOANS CAN ACCOUNTANT & BANKERS IN THE HOUSE ENLIGHTEN ME.

I know it works like compound interest but what I want to get right is that if they say 20% interest rate do I have to pay 20% of the loan every month until I pay it off?

Cos when I worked out interest on a loan of 500k, I was getting to realize I will pay 1.8k at the end of the year.
Is there something am missing out?
Re: Pls Accountants & Bankers In The House by emandman: 11:02pm On Mar 15, 2017
20% of 500k spread over a year. U paying 600k in total
Re: Pls Accountants & Bankers In The House by router123(m): 12:38am On Mar 16, 2017
emandman:
20% of 500k spread over a year. U paying 600k in total

pls explain.
20% of 500k is 100k.
If I pay 100k every month for one year, that is 1.2million plus the principal equal 1.7million plus all kind of charges.

Pls which of these two is right?
Re: Pls Accountants & Bankers In The House by tedimola(m): 2:33am On Mar 16, 2017
The 100k pyt is per annum, so u won't be paying 100k every month. The 100k interest will be spread over the year. If u borrow 500k at 20 percent, then at the end of the year you would have to pay back 600k. That will be 50k per month for 12 months.
Re: Pls Accountants & Bankers In The House by ekmike(m): 7:59am On Mar 16, 2017
interest rate is charged per annum. To derive your monthly interest payment, simply multiply the annual interest by 1/12

(1) (Reply)

Fiverr / Dollar Rate In The Black Market 03/04/2017 / Eagle Aurum Gold Invvestment

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 8
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.