RE: Don’t get caught in any spike today!!15 Jul 2020 08:35
So, correct me if i am wrong.......
WE BORROW, 750,000 first of two tranches.
we have to repay total back in 15 months, but, it has cost us 5% of the loan, which is taken from the initial amount, so, we owe, 750,000 but we have actually borrowed 712,500.
then, we have to pay monthly, 9.85% (annual) of the total borrowed (750,000) as a monthly fee, so, 73, 875 divided by 12, which is 6156:25, every month.
we can pay back earlier if we wanted to, but it would cost us a further 10% (as a fee) of the amount being paid back earlier.
so, firstly, we dont want to pay off earlier, but either way, this first tranch of 712,500 (750,000) is going to cost us in total 37,500, plus, 15 monthly payments of 6156:25 which is a total of 129,843:75... and thats just the first tranche
17.31% loan rate..... you CAN GET better credit card deals.