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# Produce an imaginary business. To do this I must research into all aspects of a business, using books, people, and computer resources. To help me do this I will create action plans that I will evaluate and redesign as I proceed during the project.

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To figure out the amount of interest that is paid on the loan is worked out by this formula: Amount borrowed 100 * percentage rate = total interest paid Nominal rate of interest This is the rate of interest that is applied to the whole loan from when you take the money to when you pay back the last penny. Fixed or variable? The interest that is charged to the loan may be fixed or a variable interest rate. The fixed rate means that it does not change, while the variable can change. The interest rate that is charged depends on: * The status of the borrower, a small shop may have a higher rate of interest then a large company * How much money is to be borrowed, and for it will be used for * The amount of risk that there is, will the borrower be able to repay the loan * The value of the goods that are used to secure loan (these are taken if the loan is not paid off) * Bank rate, this interest rate is set by the bank of England, they also set the other interest rates. Are there any advantages or disadvantages to a bank loan? A bank loan may be set up quite quickly, in a sole trader business the borrower may have to use there home as security, and interest must be paid on the loan. My loan, and how much?- The amount of money that I will � 40,000. This is because when I talked to the owner of a similar shop they said that I would need that much to fit the shop out, and buy stock. The bank at which I would take the loans out at is with Natwest. This loan would be taken out over 5 years at a fixed rate of 5.5 % per month. This would work out as: 5 years = 60 months �40,000 divided by 60 months = �666.67p �666.67p* 5.5%= 700.00 + repayments per month ...read more.

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