Ok so i lend you 100euro, tell you the term is 1 week at 10%.
so 1 week later i should get 110euro, 100 plus 10 euro interest
SOOOOOOOOOOOOOO
where do they pull this bull shit formula from? to me this means when paying 4.7% rate you actually pay them back nealry double what you borrowed. hows is ths right. now tell me this tell mw know more, who made this formula up.
Repayment Calcultation formula, which is:
=Principal*Rate/((1+Rate)^(Term-1))
Principal is the initial amount of the mortgage.
Rate is the Interest rate.
Term is the length of the policy in years
so 1 week later i should get 110euro, 100 plus 10 euro interest
SOOOOOOOOOOOOOO
where do they pull this bull shit formula from? to me this means when paying 4.7% rate you actually pay them back nealry double what you borrowed. hows is ths right. now tell me this tell mw know more, who made this formula up.
Repayment Calcultation formula, which is:
=Principal*Rate/((1+Rate)^(Term-1))
Principal is the initial amount of the mortgage.
Rate is the Interest rate.
Term is the length of the policy in years
