Sentences with phrase «accrues on the borrowed money»
Not exact matches
Unfortunately, the interest will start to accrue on the loan immediately you borrow the money.
http://myfinancekits.com/
An interest only mortgage is one in which the borrower only has to pay off the interest that accrues on the money that is borrowed.
Finally, they could also request a line of credit that only accrues interest when the borrowers actually tap the available amount in the future, and only on the money borrowed.
Consequences might include: (1) a constantly increasing debt burden (as interest accrues and due to high collection agency costs), (2) a decreasing credit score (making it difficult to borrow money in the future), and (3) default... which can lead to... (4) garnished wages (up to 15 % of disposable income), (5) withholding of your tax refunds... the list goes on and on.
As you are taking your classes, interest is accruing on the money that you borrowed.
On a side note, I heard GW Bush refuses to boycott the Olympics in China because, drum roll please, China now owns us thanks to all that borrowed money accruing interest we need to pay back.