A monthly rate is no less normalized or comparable than an annual one, and it's more representative of the timescales the loans are actually used for. If you re

A monthly rate is no less normalized or comparable than an annual one, and it's more representative of the timescales the loans are actually used for. If you required hotels to report their nightly rates in terms of how much it would cost to stay there for a year, they would look about as ridiculous as a 400% APR. I don't know how hostel pricing works, but at least in the US staying in a hotel for a year is fantastically more expensive than renting a comparable furnished apartment for a year.