Answers (not puzzle, math answers) to what do you call it when someone pays back a quick loan. I know the answer is a sudden debt pay off i need help writing them out(math part).

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When someone pays back a quick loan, it is commonly referred to as a "sudden debt payoff." To help you write out the steps involved in this concept, here is a breakdown:

1. Determine the loan amount: Start by identifying the initial amount borrowed. For example, let's say someone borrows $1,000.

2. Assess the interest rate: Find out the interest rate associated with the loan. Suppose the interest rate is 10%.

3. Calculate the interest: To determine the interest charged for the loan, multiply the loan amount by the interest rate. In our example, the interest would be $1,000 x 10% = $100.

4. Determine the repayment period: Find out the length of time within which the loan is expected to be repaid. For instance, let's consider a repayment period of 3 months.

5. Calculate the monthly payment: Divide the total loan amount by the number of months in the repayment period. In our case, the monthly payment would be $1,000 / 3 = $333.33 (rounded to two decimal places).

6. Add interest to the loan amount: To account for the interest charged, add the interest to the loan amount. In our example, the total amount to be repaid would be $1,000 + $100 = $1,100.

7. Determine the final payment: To pay off the loan suddenly, simply repay the total amount (including the interest) in one installment. In our case, the final payment would be $1,100.

By following these steps, you can calculate the final payment when someone pays back a quick loan.