All Questions
12
questions
0
votes
1
answer
145
views
Do student loans capitalize daily after the grace period?
As I understand it, for many student loans, when you take out the loan, there is a daily, fixed, simple interest that accrues. This accrues on the principal but does not capitalize. Therefore, if I am ...
- 312
21
votes
9
answers
6k
views
What would be a recommended interest rate for an unsecured loan to individuals with mediocre credit rating and income close to expenses?
I have a friend whose new wife is paying an absurdly high interest rate on her auto loan. They've asked if I was willing to loan them money at a more reasonable rate to pay off that loan and have ...
- 1,206
18
votes
8
answers
11k
views
Can I take out a loan and pay it back immediately to avoid interest?
Ignoring why I would do so, I am wondering if it is possible to take out a personal loan (at, say, ~6% annual interest) and then pay back the principal + any interest back within a short time (within ...
- 2,898
1
vote
3
answers
6k
views
Must I file Form 1099-INT for interest on a business loan from an individual?
The 2020 Instructions for Forms 1099-INT and 1099-OID says that "you are not required to file Form 1099-INT for interest on an obligation issued by an individual", but I don't understand what they ...
- 507
1
vote
6
answers
459
views
Advice on loan to friend
I am writing up a legal document (USA, Michigan) for loaning 7k to a friend with 10% APR with a term length of 5 years. (known him 5 years, he has paid back many smaller loans before).
We'll both ...
5
votes
4
answers
873
views
Is home equity worth taking out a mortgage when I have $67k student loans to pay?
Note: home equity isn't the only reason I'm thinking about buying. I'd like to have control over my own living environment, more space, not have to worry about annoying the apartment unit upstairs if ...
- 1,074
1
vote
2
answers
789
views
Compound Interest & Mortgages
Mortgages are compounded 2 times a year in Canada and 12 times a year in the USA. However, I read that mortgages are simple interest and not compound interest because you pay the interest for each ...
- 27
4
votes
2
answers
1k
views
How to save the most money paying off a 20% interest car loan in 1-2 years?
Long story short: My girlfriend has a 20.53% APR car loan. No one will refinance the loan because of the value of the car, roughly $5,000. Theres still 50 months left on the loan. Total left with ...
- 133
9
votes
2
answers
751
views
Large loan at zero interest or very little interest?
I have a big problem but a lucky solution. I have a huge amount of debt, student loans that add up to hundreds of thousands of US dollars. I have a relative who is willing to give me a loan to cover ...
- 91
1
vote
1
answer
138
views
Is an interest-free loan to a charity an asset when applying for financial aid
We have an opportunity to sell our house for a great deal more than we paid for it. We plan to buy another house but will have $50,000 to $100,000 left in cash. We also have children in college for ...
- 11
5
votes
2
answers
189
views
Does there exist a kind of loan where no part of principal is paid, while interest is still paid?
I know that when debt is being re-paid, one pays interests along with repayment of some parts of debt principal. However, I am wondering a case where no part of debt principal is re-paid while ...
- 133
2
votes
1
answer
243
views
How to calculate outstanding Graduate Plus Loan balance currently in deferment?
Can someone tell me what I'm doing wrong here?
If I have a $56,500 loan and the interest rate is 7.9% how much will I
owe after 8 months?
I thought this would be fairly simple. I would compound ...
- 1,065