Marshall Alsup
Second Unit
- Joined
- Jul 9, 2001
- Messages
- 497
Hey guys,
I want to learn to understand and caluclate interest so I can understand my credit cards and other interest related things better.
For credit cards how do they get the interest charge every month? If the interest is 19% does that mean that you pay $19 on ever $100 you owe per year? If so, how does this factor into the interest charged each month? How does the fact that a person pays payments each month factor into this?
When you buy a major purchase like a car or property is the interest figured in from the beginning? So if you have a $100,000 loan and say the interest is 10% so about $10,000 does that mean they just take the $110,000 and split it up over 20 years or is the interest on a per year or month basis?
How does this kind of interest the same as or different than the interest banks give you on savings accounts or CDs?
I know thats a lot of questons but I dont know about this stuff very well and I'd like to learn so I can better understand how to spend my money, and make my money work for me!
What are some good websites or books that talk about this stuff?
Thanks,
-Marshall
I want to learn to understand and caluclate interest so I can understand my credit cards and other interest related things better.
For credit cards how do they get the interest charge every month? If the interest is 19% does that mean that you pay $19 on ever $100 you owe per year? If so, how does this factor into the interest charged each month? How does the fact that a person pays payments each month factor into this?
When you buy a major purchase like a car or property is the interest figured in from the beginning? So if you have a $100,000 loan and say the interest is 10% so about $10,000 does that mean they just take the $110,000 and split it up over 20 years or is the interest on a per year or month basis?
How does this kind of interest the same as or different than the interest banks give you on savings accounts or CDs?
I know thats a lot of questons but I dont know about this stuff very well and I'd like to learn so I can better understand how to spend my money, and make my money work for me!
What are some good websites or books that talk about this stuff?
Thanks,
-Marshall