
Interest calculated as a percent of the original loan. Example: a 3-year loan of $1,000 at 10% costs 3 lots of 10% So the interest is 3 ? $1,000 ? 10% = $300
Interest calculated as a percent of the original loan. Example: a 3-year loan of $1,000 at 10% costs 3 lots of 10% So the interest is 3 ? $1,000 ? 10% = $300
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