2006-08-14 17:49:28 · 15 answers · asked by Marisa C 1 in Business & Finance ➔ Credit
That means you pay 19% per year in interest on the loan.
2006-08-14 17:56:28 · answer #1 · answered by Steffi 3 · 0⤊ 0⤋
well one form of an interest rate is the way to measure the amount of money charged to you for borrowing money. If you borrowed $1000 with an interest rate of 19% a year, you would pay $190 to whomever you borrowed the money from, as a fee for the loan. On the other hand, you could be earning interest on money you have invested, which basically puts you on the other end of what I described above. If you are the lender, (or investor), you will earn interest on the money you have lent. So in this case you would be collecting $190 on the $1000 you invested. It's the same thing, just depends on which side of the loan you are on.
2006-08-15 01:00:20 · answer #2 · answered by tok913 3 · 0⤊ 0⤋
It depends if it's a APR and what formula is being used to calculate. 19% APR charged as an interest rate on a credit card is 19/12 x average daily balance. On a simple fee interest loan it's balance x .19+principal
2006-08-16 16:43:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
19% of whatever you spent that month and it keeps adding up every month you don't pay off the balance. If you don't know what interest rates are then you shouldn't have a credit card because you will find yourself in debt very fast.
2006-08-15 00:56:35 · answer #4 · answered by Crusher 2 · 0⤊ 0⤋
An 'interest rate' is the "rental" price of money. When a resource or asset is borrowed, the borrower pays interest to the lender for the use of it. I have listed a site below that may help you understand it better. Hope this helps!
2006-08-15 01:01:39 · answer #5 · answered by nixinvestigations 2 · 0⤊ 0⤋
it mean you need to pay 19% interest rate from the expensive things that you buy
to figure it out :
price of your house and divide by the percentage of the interest rate
2006-08-15 00:57:28 · answer #6 · answered by brianangelo_gonzales 2 · 0⤊ 0⤋
its a bad deal run away don't go there you pay on 1000.00 at 19% APR 190 add on to the bill so now its 1190. you make a payment of 100 on the loan its still 1090 . save money for what you need if you can.
2006-08-15 01:04:23 · answer #7 · answered by thewiseman 2 · 0⤊ 0⤋
all answer above is good, I add some more advices
if you owed 10000.00, with that kind of interested, it will become 20000.00 in 3 years and 8 month if you let the debt alonewithout paying off
2006-08-15 02:05:51 · answer #8 · answered by Hoa N 6 · 0⤊ 0⤋
About average now a days on most cards, way to high to want ot use or purchase large items or have a balance on such a card.
2006-08-18 14:08:50 · answer #9 · answered by CrzyCowboy 4 · 0⤊ 0⤋
It means you pay back what you borrow plus 19% of the amount borrowed. And yikes!!
2006-08-15 00:54:49 · answer #10 · answered by yumyum 6 · 1⤊ 0⤋