Submitted by [deleted] t3_z8hhzo in personalfinance
Ok-Nothing-5736 t1_iybpvb4 wrote
Reply to comment by t-poke in Loan Interest Fraud? by [deleted]
What would the math be? 12,000*25.99%=3110 3110/12=259? Meaning 259 in interest per month? Is that normal?
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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