Emergency Loans

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Calculate the annual interest and total due after three years. Create a graph of the interest and the total amount owed each year, and compare the results of this example with the results of the previous one 200 dollar payday loan.

Solution To include the compound nature of the interest, the annual interest and the total due for each year are calculated using equation (1.8). Interest, year 1:

The payment plan does not require any payments until year 3, when all interest and principal will be paid, a total of $ 133,100. Figure 1-11 uses a cash flow diagram to compare at the end of year a) the simple interest and b) compound interest, and the total amounts owed. Differences due to compound interest are clear. An additional $ 133,100 – 130,000 = $ 3,100 of interest is owed for the compound interest loan. Notice that while the simple interest owed each year is constant, the compound grows geometrically. Due to this geometric growth of compound interest, the difference between simple and compound interest accumulation increases rapidly as time passes. For example, if the loan were for 10 years, not 3, the additional payment for compound interest would be $ 59,374.

Figure 1-11 Interest, I, owed and total amount owed with a) simple interest (Example 1.14), and b) compound interest (Example 1.15).

An emergency loan is an ideal solution to provide instant cash to UK residents whom are looking for short term financial help. At Emergency-Loans.co.uk we provide access to lenders who specialise in the short term cash loan market, sometimes referred to as cash advance loans or payday loans. Typically these are small cash loans borrowed over a period of 28-30 days, usually payable upon the borrower receiving their next salary payment.

Whilst we are not a direct lender of emergency loans, our panel of UK short term cash loan lenders are able to offer fast, professional hassle free borrowing to any UK resident who has a need to apply for short term financial help. Furthermore an emergency loan is more readily available than other forms of borrowing, typically because the amount which can be borrowed is up to a maximum of £1,000 and the typical period of the loan is 28 to 30 calendar days.

Furthermore short term cash loan borrowing is available to people who have less than perfect credit histories. Regardless of whether you have had previous problems repaying credit agreements, many lenders of instant cash loans and payday loans will consider applicants with a bad credit history.

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