Kim's personal loan of $8000 will be paid off in 5 years, but she doesn't know if she will be approved for a 6% or 12% interest rate. Here monthly payments are:
6% Rate - Payment of $154.66/month
12% Rate - Payment of $177.96/month
How much more will Kim pay in interest at the end of 5 years if she does not get approved for the 6% interest rate?
Answers
Answer:
Absorption: The process of one material (absorbate) being retained by another (absorbent); this may be the physical solution of a gas, liquid, or solid in a liquid, attachment of molecules of a gas, vapour, liquid, or dissolved substance to a solid surface by physical forces, etc.
Loan amount - It has to be between Rs 50,000 and Rs 30 lakhTenure - The tenure has to be between 1 year and 5 years.Interest rate - It has to be between 1 percent and 50 percent.Interest rates may vary across lenders as different lenders may offer loans at different rates. For the interest rate, input the rate at which your lender is providing you the loan.Use the slider to put in different personal loan amounts and tenure to arrive at the EMI at which you are comfortable with.