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Posts Tagged ‘Finance’
CAR LOAN CAR FINANCE BAD CREDIT CAR LOAN AND AUTO LOANS AND ALL TYPES OF LOANS AVAILABLE FAST AND EASY NO OBLIGATION NO FEES GUARANTEED APPROVAL VISIT US NOW AND APPLY ONLINE
July 22nd, 2010
Want to know how finance companies lie with figures and cheat their customers?
June 5th, 2010It is all quite legal and here is a an actaual example from to day’s newspaper, typical of most of them. They simply exploit people’s ignorance of the rules of rounding:
A major finance company advertises that its lending rate is 8.4% APR and their accompanying table shows that for a loan of £10,000 over 120 months you would pay £122.05 per month,
If you calculate the true interest rate for these payments, you will find it is 8.447%. Of course in law, the company cannot be accused of telling lies, because to the first decimal place, the interest rate they are quoting is correct.
I note that some people misunderstood my point which is this: Since the true l interest charged is 8.447%, they should not be allowed to call it 8.4%
Excel Finance Trick #10: Interest Rate for Pay Day Loans
February 13th, 2010
See how to calculate the Interest Rates for Pay Day Loans. See how to calculate the Period Rate, the Number of Compounding Periods in a year, and the APR and EAR for a Pay Day Loan. See a problem with the EFFECT function. Learn how to use the function help to find a solution. Pay Day Loans will: Allow you to write a check that has a date 25 days in the future for $250 and will give you $200 today (they cash check in 25 days). What is the APR and EAR? Nominal Rate APR Rate Annual Percentage Rate Effective Annual Rate. In ThisSeries learn 17 amazing Finance Tricks. Learn about the PMT, PV, FV, NPER, RATE, SLN, DB, EFFECT, NOMINAL, NPV, XNPV, and the CUMIPMT functions that can make your financing tasks much easier in Excel. See how to use the PMT function in the standard way, but also see how to use it while incorporating a Balloon payment or a delayed payment. Lean how to translate a Nominal interest rate into an Effective Interest rate. Learn how to calculate how long it takes to pay off a credit card balance. Lean how to calculate the Effect Rate on a Payday loan. And many more financing Tricks!! The Excel Finance Tricks 1-17 will show an assortment of Excel Financing Tricks! Excel Formula
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