Hi All,
Could you please help me answer this loan question?
Terms of Loan/Given:
1. Principal - $100,000 payable in 1 year
2. Interest - 1% per month deductible from loan net proceeds
3. Processing fee - 2% of loanable amount
4. Insurance fee - $200
Questions:
1. What is the loan net proceeds
2. What is the monthly payment
Thanks in advance to those who will answer
Could you please help me answer this loan question?
Terms of Loan/Given:
1. Principal - $100,000 payable in 1 year
2. Interest - 1% per month deductible from loan net proceeds
3. Processing fee - 2% of loanable amount
4. Insurance fee - $200
Questions:
1. What is the loan net proceeds
2. What is the monthly payment
Thanks in advance to those who will answer