Loan Basics

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[@8nnies]

when you ask for a loan, you're basically borrowing money and you'll have to repay it back later; the amount of money borrowed is called the principle

[@jaybrown4444]

5% of 5,000 is $250 though, not $150 as the video shows. So it would be $250 x 3 (for the three years) = $750. The total amount you will be paying is $5, 750

[@dreamff8754]

😮correct 🎉

[@jobayerkhan798]

hey, you know the music played in this video, does anyone know the name of the music/tune because it's so lovely and very soothing to hear and I wanna listen to it in different variations only idk the name of this music

[@user-rm4hk5ci5g]

It was very instructive

[@antonioortiz458]

*Principal

[@retrosrobloxreviews9564]

No it’s correctly spelled.

[@antonioortiz458]

@@retrosrobloxreviews9564 it's really not though. It's spelled "principal." Look it up.

[@kingosports9220]

How did you get that its 5400

[@3nxJapz]

Please I want you to calculate this problem for me.
A man took a personal loan of k3500 over 1 year from the bank to buy furniture.The bank calculate the fortnightly repayment of k145. The application fee is k100. How much in total will he pay the bank and what total interest has been charged?

[@hfzxl1]

payment per month is $150, 3 year should be $150 * 12 * 3 = $5400, how did you get $5,395 ?

[@HenryTheBoilermaker3rdYear]

Yeah 5% interest does not equal to 395 does it.

[@HabimanaSeleman-qh2uw]

Habiman

[@malachiwilliams2129]

5% of $5,000 is $250

[@adityaprakash9530]

why to pay 150 dollars monthly? EMI is about 138.88 dollars.......with interest rate of 6.94 dollars monthly

[@limya_]

Thankyou very helpful

[@Umra867]

How 150 came?

[@kuleranganalukogo5819]

3 year loan of $5,000, interest rate=5%, 150+ 150+150=450

[@p10rambo]

5% is 250, how come 450?

[@aneesulhanif4275]

Hi sir
Anees Pakistan

[@selamhadra-pz7xj]

10q