How Do You Add Prepaid Interest To Simple Interest?
If I am getting ready to sign a loan, and there is a prepaid interest of 6% and an annual interest rate of 12%, is that just 18%? How do you calculate this?
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asked 1 year ago
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Prepaid interest means interest paid in advance of its due date. So it means that when you would sign a loan, you have pay 6% advance interest on the loan and then annually you have to pay 12%.
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