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t-poke t1_iybp6vr wrote

Your assumption that interest is a percentage of the loan amount is incorrect. The interest rate is annual. Each month, you’re paying 1/12th of 25% interest on the remaining balance.

The best way out of this is to pay every extra cent you have toward the loan principle.

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Ok-Nothing-5736 t1_iybpvb4 wrote

What would the math be? 12,000*25.99%=3110 3110/12=259? Meaning 259 in interest per month? Is that normal?

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Werewolfdad t1_iybqhig wrote

Interest is accrued daily.

Each days interest is 25.99% * 1/365 * remaining balance

So that first month, it was about $8.54 per day

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