Answers
I recieved a email from the grant people saying that I was approved for a credit line of 7500 with 0% interest for 12 months. I wanted to know what is a credit line and is that a good deal or a scam?
If you value your future, you will never answer an email like that.
If you want credit, go into a store and apply.
A credit line is how much credit you have with the issuer, the top limit of how much you can charge.
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I made too many inquiries in the last year and I went bankrupt in 2005, but I opened up this account three years ago despite the bankruptcy!!
They still approved me! Everything was going so well, and then in this past year, credit card companies have been closing credit seriously, slashing lines, and just...going NUTS.
What the heck? Should I take this personally? I never even had one late payment.
As The dude stated this is happening all over the place to even someone who had flawless credit report. You should not take this personally, once we get out of this economic rut you will see your lines grow again.
cash advance benfit include. whats is this
They send those out all the time. I usually shred the letter and mail back the empty envelope.
only if you have a credit score of 800+. you will have better luck w/ grants
If you borrow $7500 from your 18%apr line of credit, how much interest is owned in one month, what would the Monthly payment be if this was a 5 year loan
I'm not thinking of doing this, its a math problem I have to do but i'm having trouble, with 18%apr, do you devide that by 12 (months in a year) then multiply the principle by 1+ the answer?
7500 x .18 = 1350/12 112.50 per month in interest.
7500/60 = 125.00 + 112.50 =$237.50 per month for 5 years
Total interest paid = 112.50 x 12 = $1350.00 annual interest
$1350.00x 5 (years) =$6750.00 total interest paid
$125.00x 12 = $1500.00 x 5 = $7500.00 principle repaid
$6750.00 + $7500.00 = $14,250.00 Total repayment @ 18% interest on $7500.00
Note this is simple interest and use of an amoritization table will give you the specifics for compound interest. This means that this figure is the flat interest as a lump sum. Compound interest allows you to pay on what you actually owe.
For example If you borrow $100.00 @ 10% interest for 12 months with the previous calculation you would pay $110.00 back in equal installments over a 12 month period.
With compound interest you would pay 10% of you remaining
balance only, not something pro rated. If you set up a $10.00 monthly payment The first month you pay 10.00 which $9.17 is applied to the principle leaving you $90.83 in debt plus interest. The second month you again pay $10.00 and $9.20 is applied to the principle and $.75 toward the interest and so now you debt has been reduced by $18.37 in just 2 months! $81.63 still remains.
By making greater payments a person can substantially reduce interest costs and pay off a loan YEARS ahead of schedule!
Trailing the 7500 year old supernova explosion near Cygnus… « Old ...
(meaning ‘Mallow’); The 17th century German astronomer Bayer gave it as Denebalecid and Denebaleced ; English writer on globes John Chilmead (circa 1639), as Deneb Alased ; and the 17th century German astronomer and ephemeris creator Schickard, as Dhanbol-asadi . The Italian astronomer Riccioli (1598-1671) omitted the first syllable of the original, and called the star Nebolellesed , Nebollassid “of the Nubian astrologers,” and Alazet have Denebalezeth and the very appropriate Dafira , from...
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