Forum Discussion
SabreCanuck
May 16, 2016Explorer
avvidclif1 wrote:
I would add a note to that. There are over 1000 ways to figure interest. I don't go by the rate but the monthly payment. I tell them the size of the loan and the term. I get a monthly payment that I can compare to another monthly payment. Many times you will find the lower rate has a higher payment. It's all in how the interest is figured.
I agree whole heartedly with this post. Two things to consider:
1) Monthly payment.
2) Balance at end of 3-4-5 years?
You will find quickly how one interest calculation can affect the balance.
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