In this chapter, simple interest is calculated for loans using exact and approximate time with exact and ordinary interest. Monthly payments for add-on loans are calculated, and the annual percentage rate (APR) is estimated by the constant-ratio formula. Discount loans are introduced and the proceeds calculated. Amortized loans are presented with amortization tables, and formulas are developed for finding the amount a person can borrow for a particular monthly payment and the payment required to borrow a specific amount. The workings of credit cards are explored. The process of bank underwriting is also explored with a look into the five areas that lenders review before issuing a loan.
After this chapter you should be able to 1. understand the terms of a promissory note or contract. 2. calculate simple interest and future value for promissory notes. 3. determine the monthly payments for add-on loans. 4. discount a loan. 5. find the payment required to borrow a particular amount of money. 6. find the amount that you can borrow for a given payment. 7. calculate the minimum payment, finance charge, and new balance for credit card accounts. 8. understand the five areas a lending institution will review prior to issuing a loan.
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To operate the service, we also may make anonymous information available to third parties in these limited circumstances: (1) when we believe in good faith it is required by law; (2) when we believe in good faith it is necessary to protect our rights or property; or (3) to any successor or purchaser in a merger, acquisition, liquidation, dissolution, or sale of assets. Your consent will not be required for disclosure in these cases. To the extent permitted by law, we will attempt to notify you in the event of a disclosure.
This privacy policy was last updated on October 12, 2016.
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