I am not convinced by the interest charging analogy. It is back to front. The yearly interest is by definition the total interest that would be paid given the a

I am not convinced by the interest charging analogy. It is back to front. The yearly interest is by definition the total interest that would be paid given the already agreed charging period. The loan shark does not advertise a 100% yearly interest (on a single yearly payment) and then suddenly increase his winnings by cranking up the number of payments. It is then no more a 100% yearly loan.