FAQ

How high of an interest rate would you be willing to pay if you could put an air ticket on a payment plan?
Living in the UK absolutely nothing, zero.   Why?   Because I pay with a credit card and then pay off the card at the end of each month.
Does the IRS charge interest on payment plans?
Interest is charged on a balance due. Often people who are on payment plans or installment agreements have other financial problems and don't realize that they may not have to pay all of what they owe.Consider hiring an enrolled agent like me or another enrolled agent that specializes in resolution. Often we can get a better deal than you can on your own.
When a hospital "works out a payment plan" for you to pay off a large bill over several months, does the hospital charge interest?
Mr. Garcia:A very cool and complex query.1. First of all, it depends upon the hospital.  My suspicion is that most charge some interest.  2. If you are obliged to pay ANY amount, you can and should ask the following questions:a. What is the amount I would pay if I had insurance ? If I didn't have insurance ? Then demand that they charge you the lowest amount for the entire bill.b. What is the COST of the procedures you have performed for / on me (not the CHARGE, the COST) ?  c. What kind of payment plan will you create for me so that I can pay you ?With these answers, you can decide what to do.Most places - well ok, the not-for-profits, forget about it if you are going to a for profit hospital - will craft a plan that will not destroy you.If they are going to charge interest, you can and should ask why ? If they are going to charge you 7% interest, you should tell them that you are willing to pay 3%.  In ANY hospital, a 3% return is considered pretty good.  What is the worst that will happen ? They will say "No", you will ask to speak to a supervisor, and you will keep asking until you get to the Chief Financial Officer.  At some point you will get a reasonable deal.But this answer (and even the question) is really inadequate.Your question should be (to my mind):"Why is it, in a civilized country, that I run the risk of being financially destroyed if I get sick ?"And from that question, my dear Mr. Garcia, flow answers that will make your head spin.President Obama's health (insurance) reform is inadequate, but it is a step in the right direction, even if only the first of a thousand steps.Those who would roll it back / repeal it have nothing for you, my friend, nothing.  Or should I say, they have more of the same.  One of the major causes of bankruptcy in our country is health care bills.  How is that remotely just ?We in the United States have the most expensive health system in the world, with some of the worst outcomes.I submit we have given plenty of time for the (so-called) market to work its magic in health.  We need a system of health reform that includes insurance reform, a single payor option, quality outcome metrics, malpractice reform, and the ability to have a discussion about end of life without wing-nuts screaming about death panels.Until we do this - and President Obama has at least started us down this path - we are simply doomed.  No money for health care, no money for education, plenty for a bloated military ( and I say this with all respect, I am a Marine father).I hope this helps a bit.  Let me know if I need to be more focused.AJ Layon
MY QUESTION IS How CAN THEY MAINTAIN the PAYMENT BANKS with OUT LENDING AND ALSO GIVING HIGH RATE of interest?
Hello,Payment Banks are a different ball game altogether. Their model is entirely different unlike normal banks.These are all existing ongoing enterprise like Airtel (Cellular Services), Paytm (Payment Gateway), Indian Postal Dept., (Postal Services - who are yet to commence banking operations) with a huge customer base. In some cases, Payment Banks is a kind of formalisation of wallet services.The norms are: They can not accept Fixed Deposits but can accept demand deposits (to be paid as and when the customer demands) upto Rs.1.00 Lac only, and pay interest. They can not lend. Some are paying 7% plus (a very good rate in the present interest rates scenario) and some 3% plus. They have to deposit 75% of such deposits in Govt., Securities and the remaining 25% they can make deposits in commercial banks and earn interest income. This "depositing of 75% in Govt Securities" has made good number of applicants to go into deep thinking and some surrendered approval licences. Then how are they going to survive with meagre interest income - being forbidden to lend?True, its difficult to survive and it definitely takes time to break even and those with a strong financial muscle only can survive in the initial years. They resort to other modes of getting revenues like unconventional revenue streams which include cross selling of their own financial products, data monetisation, forming credit access platforms and creating alternate merchant payment models to get around the constraint.Prima facie the strength is the huge customer base which the Payment Banks already enjoy. Cross selling is akin to present day Banks inducing Home Loan customers to take a Vehicle Loan. The payment Banks can cross sell their other products to the existing clientele and make money there besides the big data selling. When you have good analysis and big data analytics of customerbase about spending pattern, agewise spending habits etc., that can unfold new vistas of business opportunities. Data monetisation is already a big business. They can also sell the third party merchandise and get commission income…like Paytm, thru ICICI Bank, providing credit for 45 days. Even presuming 20% of customers fail to pay within 45 days, they have to pay through their nose and eventually they bear the burden of free credit to the remaining 80%!It takes some more time to conclude whether Payment Banks are going to flourish or close the shop. I for one believe they will boom boom shakalaka!Image Courtesy: moneycontrol.comHere’s how payments banks will make money without lendingPayments Banks Struggle To Get Deposits Into Bank AccountsPayments bank - Wikipedia
How much will my monthly payment be if I take out a $7000 auto loan with a 5.17% interest rate?
You are not providing enough information to answer the question.To calculate the monthly payment for an amortized loan, you need three variables:Interest ratePrincipal amountLoan termWith those three, we can come up with the monthly payment needed to pay the loan off over the specified term.To give you an idea how the term affects the monthly payment, consider this:For a term of one year, the monthly payment is $599.80For two years, the monthly payment is $307.63For five years, it’s $132.64There are plenty of amortization calculators on the Interwebz. Just do a search and you can find one.
What IRS form do you fill out for multi-year disability payments?
If your only source of income is SSDI, then you need not file with IRS. A small amount of money from interest on bank accounts will not change that situation. However if you have other substantial sources of income, then you may have to file, using the ordinary 1040 forms. For example, if you owned a two-flat, living in one unit and renting out the other one, you have the rental income and will need to file with IRS. If you are married and your spouse has income, then you jointly (unless a tax advisor suggests otherwise), indicating your SSDI income.I suggest working with a CPA to learn what applies to your particular situation, especially if your disability income comes from a different source than Social Security, or the amount is higher than what Social Security might pay.
If you left a survey for burglars to fill out the next time they ransacked your home, how would they rate the experience?
How did you learn about us?Rumors about rural houses having little Security.Location: 5/10Location was alright. Around 500 meters to the nearest neighbor. But unfortunately an hour away from any sizable population (20,000 plus being a sizable population.)Transportation: 10/10Transportation was top notch. The owners of the property never lock their Minivan or Pick-up truck. The keys are always left in the vehicles. Both are moderately new and somewhat non-descriptive so a perfect getaway vehicle. Not only did they provide vehicles they also kept trailers in a easily accessible unlocked shed.Security: 9/10Security was lax. There is a gate but it isn’t locked. Doors aren’t locked unless the house is left unoccupied for more than 2 weeks. No cameras made it really easy. They did have a dog which made it a bit of a pain. He was easily disposed of as he was just a Labrador Retriever puppy. Owners are very light sleepers don’t rob if they’re around.Products: 10/10No place has better selection. The place had 3 DSLR cameras, 3 Workstation class desktops, 3 tablets, 4 drones, 6 Smartphones, 9 external monitors and 11 laptops. All of the items were of premium design and value (aka Apples or equivalent). The freezers and shelves were well stocked the rest of the property was much more appealing though.They also had a shop on the property with many tools ranging from mechanics to carpentry to fabrication. The tools were of medium quality. The shop also stored 2 ATV for added convenience. The shop wasn’t the jackpot though.The shed was the real treasure trove. This drive in shed held heavy equipment all with the keys in the ignition for easy accessibility. The average equipment’s value was around $100,000, with a combined value of around $1.5 Million. Unfortunately the heavy equipment is hard to transport and the market is too small to get away with it.The products all seemed gift wrapped for the taking. Everything was easy to find as it looked organized.Laws in the area: 10/10Owners aren’t allowed to use lethal force or even have a premeditated weapon for self defense. A robber in the area once accidentally locked himself into the garage place he was robbing. As the owners did not come home for a couple days he resorted to eating dog food. The end result was the owners were charged for negligence of the robber. Laws almost protect us. Owners are not supposed to attack us in any way or they may be charged.Would you recommend to your friends?If everybody is gone a resounding yes. Unfortunately that’s not very often as the house is occupied by Home-schooling kids, a Writer and the owner is a farmer who mostly works on property. Also if you intend to use brute force, bring a weapon. All the occupants are big. The average height is around 6 feet.BTW bring friends to help loot. It really requires a team of people to loot the place.
You plan to borrow $389,000 now and repay it in 25 equal annual installments (payments will be made at the end of each year). If the annual interest rate is 14%, how much will your annual payments be?
Is this some trick question?If so, whatever answer I gave you will be wrong, so forget it and don’t make fun of me after that.If you’re asking a serious question,Here’s the calculation if I just took the figures from your question without adding or subtracting anything:Total interest payment at annual interest rate of 14%, assuming it is 25 years you’re talking about : payment at end of each year in 25 annual instalments means 25 years loanTotal Interest payment = $389,000 X 14% X 25 years = $1,291,500Principal sum + total interest for 25 years = $389,000 + $1,291,500 = $1,680,500Annual payment assuming you pay only one time per year as you stated in your question will be = $1,680,500 / 25 yrs = $67,220This is assuming a straight line method of repayment and NOT reducing interest method. For some loans they use reducing balance interest method.I don’t have the formula for doing that.Ask the bank.I’m a regular Joe trying to help since you all ask questions.If you’re tricking me just to make fun of me, I’ll complain to Quora administration.
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