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Essay / Research Paper Abstract
This 10 page paper looks at interest rates on mortgages and savings. A short history of the banking industry is included in this paper that contemplates why banks charge so much for loans. High interest rates on credit cards are discussed. Charts including various interest rates are included. Bibliography lists 15 sources.
Page Count:
10 pages (~225 words per page)
File: RT13_SA006Int.rtf
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Unformatted sample text from the term paper:
money is not a good idea, it does not stop the thousands of people who respond to credit card offers. Some of these offers are significantly misleading. Interest rates are
hidden in small print and if a payment is a day late, a fee of perhaps $25, dependent on state law , will be assessed. Some rates are better than
others so a consumer should check carefully. A consumer may wonder where these rates come from. Why can one person obtain a low rate of say 8%, at least for
a specified period, and others can only get minimal credit at perhaps a rate of 28%? While many people pay somewhere in the middle of those extremes, much of the
deal one gets in the end has to do with their credit rating. Similarly, obtaining mortgages, car loans and the like will depend on ones past credit history as well
as prevailing rates, the state of the economy and exactly what is being bought. Car dealers may skim a bit off the top in a new car deal by offering
zero percent financing. While such deals are gimmicks, these offers can usually only be obtained by those with excellent credit histories. Further, they are often provided only on certain cars
and act more as a lure than as a normal interest rate. Car deals aside, there are many questions concerning credit which linger. For example, if one were to
obtain a mortgage today, early in 2000, a rate might be about 7% or 8%. That is typical. Yet, if one were to put their money into a passbook savings
account they may only earn 3%. Is that fair? The bank seems to be doing much better than the consumer. While the consumer wonders about these and other relevant questions,
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