A down payment is an amount of money that is paid up front when an item is being purchased on credit. This often occurs during the purchase of a vehicle or a home. This payment lowers the total amount of money borrowed for the purchase.
A one-time payment is a single manual payment a customer makes to a creditor, using a debit card, credit card or bank account draft, states Time Warner Cable. Typically, the customer can pay the total amount due or make a smaller or larger payment.
Calculate payments on a simple interest loan by first multiplying the principal amount by the interest rate and the length of the loan term. Add the interest to the principal amount and then divide by the number of payments to be made.
A check payment is a mode of payment drawn against deposited funds in a bank account. It orders the bank to pay a specific amount of money on demand to an entity whose name appears on the check.
Payments on interest-only fixed-rate loans begin low but increase at the end of the interest-only period, so the payment begins to cover both interest and principal, according to Bank of America. During the interest-only period, the homeowner is not building equity in the home, which sometimes makes
Account payment is a form of payment that lets clients or customers buy goods on credit and pay for the goods later, says Mind Body, Inc. It is the responsibility of the seller to set up this form of payment, and it features several options, including credit amount, selling price and membership.
Apart from principal and interest rate, prospective borrowers need to know the length of time over which a loan is to be paid in order to calculate monthly payments, explains the Consumer Financial Protection Bureau. Insurance and other costs should also be considered when calculating such payments.
A payment address refers to the address that a business or institution wants people to mail payments to, in exchange for various goods and services. Places that typically have payment addresses include banks, credit card companies and car dealerships.
The Bankrate website gives the consumer access to automobile loan interest rates and monthly payments. As of 2015, this website offers weekly updated interest rates for banks, thrifts and credit unions.
Calculating simple interest requires using the formula I = P*r*t, in which I=interest, P= principal, r=rate and t=time. Knowing the other elements of the formula makes calculating the interest due on a particular loan simple, according to About.com.