How do banks calculate interest

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How do banks calculate interest

April 26, 2017Banks CALCULATE

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How do banks calculate interest

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score 0 · Answer 1 · 2011-09-15T22:11:43+00:00

Interest is calculated based off the outstanding balance of the loan and is then divided by 12 months. Paying off the principle balance early can reduce future interest payments.

How do banks calculate interest

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