If a loan amount is €100,000 and the per thousand rate is €6.00, monthly repayment is which amount?

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Enhance your understanding of financial advising with the Qualified Financial Adviser (QFA) Loans Exam 1 Test. Prepare with detailed questions, hints, and explanations to ace your exam!

Multiple Choice

If a loan amount is €100,000 and the per thousand rate is €6.00, monthly repayment is which amount?

Explanation:
A per-thousand rate shows how much is charged for each €1,000 borrowed. To get the monthly payment, count how many thousands are in the loan and multiply by the rate. €100,000 is 100 thousands (100 × €1,000). Multiply by €6 per thousand: 100 × €6 = €600. So the monthly repayment is €600.

A per-thousand rate shows how much is charged for each €1,000 borrowed. To get the monthly payment, count how many thousands are in the loan and multiply by the rate.

€100,000 is 100 thousands (100 × €1,000). Multiply by €6 per thousand: 100 × €6 = €600.

So the monthly repayment is €600.

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