on 02-11-2016 06:04 PM
In next month im preparing to take a personal loan about 5000 $ for my grandmother in Poland that needs surgery.
So if i want to choose unsecured personal loan (loan term for 3 years) and face 11.99 % (P.A) per year of 5000 $ it's 599.5 x 3 becouse loan is for 3 years so it's 1798.50 $ total interest payable so overall 6798.50 $
Not total interest payable 978 $ over 3 years overall 5978 $ like calculator shows.
Can someone explain me why is huge difference ? I'm counting 3 times 11.99 % of 5000 $
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on 02-11-2016 06:42 PM
I want to add its same with flexible personal loan term 1 year
14.49 % of 5000 $ it's 724.50 $ total interest payable not 401 $ like calculator shows
on 03-11-2016 09:57 AM