What a Loan Costs, and Why the Advertised Rate Is Not It LOAN
A flat rate is charged on the whole amount for the whole term, and you do not have the whole amount for the whole term. Five per cent flat is nine point seven effective.
The loan
Where the fee goes changes the answer. Added to the balance, you repay more; taken out of the advance, you receive less. Both raise the true rate and neither shows up in a headline figure.
What it comes to
Overpaying
The schedule
The working
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