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Why Flat Rate of Interest is considered as Misleading?

April 26, 2017flat misleading rate

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Why Flat Rate of Interest is considered as Misleading?

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In other words, what’s wrong with quoting flat rate of interest? Flat rate is misleading because it’s not the actual rate of interest you pay. It will reflect the true picture only if you repay the entire loan at the end of the period rather than making monthly repayments.