CassieNet News :: Thinking of getting a mortgage :: RE: Want to know about Simple Interest

Thinking of getting a mortgage :: RE: Want to know about Simple Interest

Author: Anonymous
Subject: RE:
Posted: Wed Nov 30, 2005 1:43 am (GMT -8)
Topic Replies: 2

Hi Gina,

Simple interest is charged on single-payment loans. It is calculated on the principal loan amount during the entire period for which the loan has been taken. The effective rate is similar to the stated rate.

Thanks,
Jill
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