As a frame challenge to your question, consider that a deposit in your bank is essentially you giving a loan to the bank. Now the bank has money which they can loan to your friend! Yes, you're only making 2% by loaning money to the bank, but this way, the fact that you're only earning 2% is essentially you allowing the bank to keep a portion of the interest ...
DON'T talk to the creditor. DON'T trash your other good credit. DON'T declare bankruptcy for a good while.
The IRA is protected. Protect it.
First and foremost, the IRA is untouchable in MD. Creditors cannot touch it. Bankruptcy cannot touch it. Abe must not touch it. The IRA is a sort of "trust account", and Abe, as a "trustee", must protect that from ...
To secure the loan, would it be possible to take the car as a collateral?
Yes it is possible. But to do this you have to create a lien, which is a legal document, and you would need a lawyer to do it.
With the lien: A) yes you stop him selling the car B) Yes this will be registered C) Yes you can take the car back.
Without the lien the answer to all of ...
Buy for your friend a cheap and reasonably reliable used car.
You can get such car for less than you would spend on lawyers to write a contract for the loan in your inquiry (so you and your friend are already ahead financially - because otherwise this cost would have to be added to the loan your friend would have to finance, and you risk to lose).
If he ...
If we sold the car and used the money to pay down the loan, would we
be able to continue making payments on the $2000 balance until it is
That depends on the loan you have. If the loan is secured by your car like most auto loans, it would have to be converted to a different loan, probably unsecured (resp. refinanced with it). That probably ...
A) Their word and your lawyers. Also, see B
B) File a lien on the title
C) Outline these details in the contract
D) You can try taking it back yourself through legal means but paying a reputable repo company might be better
E) See C and request that they supply you a copy of their insurance policy upon every renewal.
F) Mortgages have something called PMI (...
You have more than 40% equity in your mortgage, so I would expect that the cheapest way for you to borrow would be to borrow more on that.
Either remortgage for a larger amount or your current provider may be willing to loan you more (e.g. https://www.nationwide.co.uk/products/mortgages/borrowing-more/is-borrowing-more-right-for-you).
The important ...
Before lending money, a lender will want to know what the potential borrower's credit history looks like. For typical loans, you might get a better interest rate if you have a strong credit history. For payday loans, you're going to get a terrible interest rate no matter what, but they'll still check for potential major red flags before lending money. It ...
Assuming that 1) the APR represents the annualized interest rate without compounding and 2) the loan is amortized evenly over the 108 weeks, the payment amount should be:
PV * r 313 * .485/52
--------- = ------------------ = 4.7146
1-(1+r)^-n 1- (i+.485/52)^-52
So the total paid is 4.7146 * 104 = 490.32, 177.32 of which is interest....
It's not clear in the first example if a payment is also made daily or if just the interest is compounded daily. For the simple case, lets assume that they are the same.
The formula for the payment amount for a loan is:
PV * r
in your example, n=5*365 (5 years), r is 2.8%/365 = 0.000077, and PV is 18,500. So the result is:
Question 2 requires the more complex answer because the number of days in each month varies, although it can be calculated using a spreadsheet. Some of the other parts can be answered using formulae which I have attempted to do.
You have not stated your simple interest model so some suppositions are made in the answer to question 1. Comments welcome.