kal raste me school ki ak dost mil gyi mene puchha..
tumko yaad hai ham sath padate the?
usne jabab diya -
Padti to me thi tu to murga banata tha.
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About us - Tharki Engineer is a YouTube channel, where you will find most funniest things, jokes, meams, trending topic and much more.
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On their most basic level, loans are simplyborrowed money. Lenders, such as banks, can give borrowers, such as Lucy, a fixed amountof money called principal, like $10,000 to buy a car. However, the bank isn’t givingLucy this money for free.
In addition to paying back her principal, they’ll require Lucyto pay a certain amount of money each month, called interest, just for using their money.In addition, if her loan is secured, as many are due to their more attractive interestand approval rates, the bank can seize actually the asset, in this case her car, if she failsto repay.
This term is a critical number, especiallywhen choosing a loan. That’s because, in general, the shorterthe term of the loan, the greater your monthly loan payment. This should make sense. Afterall, the less time you give yourself to repay the loan, the more you'll have to pay eachmonth to compensate. And while this may seem bad, shorter termloans can actually be great, for two reasons. One: They come with inherently lower interestrates.
Lucy should always use APR, not the interest rate.Three: APRs are also highly dependent on your credit score, as the lower your score, thehigher your APR. For more details on this, be sure check out our next video “CreditScores and Reports 101”. So that’s interest rates. But unfortunately,they aren't Lucy’s only concern. She also must pay back a certain amount of her principaleach month. This payment, combined with interest, makes up Lucy’s total loan payment, whichis the money you pay the bank each month. Should Lucy want to calculate this numberherself, all she’ll need is an online calculator, like ours, and three numbers: the amount ofmoney borrowed, the interest rate, and the length of the loan, also known as its term.
While this seems reasonable enough, interestrates come with three more complications: One: Not all interest rates are fixed. Some,called variable interest rates, can change over time, often quite dramatically. Becauseof this, they can be quite risky, especially on long-term loans.Two: the interest rate of a loan is not the same thing as its APR. APR includes both theinterest rate, either fixed or variable, and the fees. Thus, when comparing loans to seewhich is cheaper, So how is this interest calculated exactly?Let’s explain through an example. Let’s say Lucy’s $10,000 car loan comeswith a 5% annual interest rate. Divide that 5% by 12 months, and you get roughly 0.4%,the monthly interest rate. That’s means Lucy owes the bank 0.4% of her outstandingprincipal each month in interest.