3 ms·
This is crazy. "fixed interest charge of ten percent (10%) regardless of the time of repayment" Does that mean, as it sounds, that the interest is $37,500 whe
by ratsbane 13y ago
This is crazy.
"fixed interest charge of ten percent (10%) regardless of the time of repayment"
Does that mean, as it sounds, that the interest is $37,500 whether they pay it back in ten days or ten years? I realize it's due March 31, 2014, but if it's not paid by when it's due, no more interest accrues?
- pbhjpbhj 13y agoI don't know anything about the specifics here but if it helps interest that is fixed is fixed pro term. So "fixed interest mortgage rate of 5%" is actually 5% per annum. If they don't pay it back they continue to accrue a [presumably compounded] 10% charge.