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ESL Podcast 352 – Understanding Interest Rates
ESL Podcast 352 – Understanding Interest Rates
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Tags:
Business
Audio Index:
Slow dialog: 1:20
Explanations: 3:25
Fast dialog: 15:43
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Kerry: I need to take out a small business loan
and
I’m trying to figure out what the interest
rate would be. Do you understand this
stuff?
Oscar: If it’s the same as a
mortgage
loan, then I think I understand it in
general
terms. The interest rate would be the
percentage of the amount you plan to
borrow. It’s usually calculated
as an
annual rate. So, for instance, a 10
percent interest rate on $100 would
be
$10 a year.
Kerry: Okay, I see, but how is my
monthly
payment calculated?
Oscar: As the borrower, your monthly
payment
depends on the term of your loan.
Each
month, you’ll pay money toward the
principal, plus the interest you owe
the
lender. The bank may also
assess other fees for
processing your loan, so make sure
to
read the fine print.
Kerry: Thanks. I understand it a little better
now.
Oscar: Are you sure you want to go down
that
road? You don’t want to
default on
your loan and ruin your credit score.
Maybe there are other options.
Kerry: Maybe there are, but I just don’t see
any
right now. I have an appointment with an
accountant next week and hopefully she can
advise
me on the best course of action.
Oscar: Good luck and let me know if I can
help.
Kerry: Thanks, I will.
Script by Dr. Lucy Tse
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