If I borrow from my 401 K, do I have to pay any interest and penalties?

If I borrow from my 401 K, do I have to pay any interest and penalties?
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1 Answer

Answer :

In general, yes. Unless you meet certain strict requirements, there is a 10% penalty if you withdraw from your 401K.
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how much can you borrow, how much interest if borrowed?

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Last Answer : (3) At which Commercial Banks borrow money from R.B.I. Explanation: Bank Rate is the interest rate at which a nation's central bank lends money to domestic banks. Often these loans are ... activity. Regulation of the economy through management of the money supply is referred to as monetary policy.

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What is the interest rate at which banks borrow money from Reserve Bank of India (RBI) called?

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Ravi borrowed some money at the rate of 4 p.c.p.a. for the first three years, at the rate of 8 p.c.p.a. for the next two years and at the rate of 9 p.c.p.a. for the period beyond 5 years. If he pays a total simple interest of 19,550 at the end of 7 years, how much money did he borrow? a) 39,500 b) 42,500 c) 41,900 d) 43,000 e) None of these

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Last Answer : Let the amount borrowed be Rs P Total amount of simple interest = (P×3×4)/100 + (p×2×8)/100 + (p×2×9)/100 = 19550 0.12P + 0.16P + 0.18P = 19550 0.46p= 19550 P = Rs. 42500 Answer: b)

If people borrow money, shouldn't they have to pay it back?

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3001 × 99 ÷ 11 -6001 × 8 + 401 × 11 + (303)2 = ? a) 76125 b) 78129 c) 75000 d) 75221 e) 74532

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