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Stompy · 08-10-2004, 04:05 PM

Interest is calculated on what's remaining and not the entire bill, correct?

So if you bought something for $100 and interest was 20%, your first payment would have interest of $1.66 and you paid $21.66 to make the remaining balance $80.

Your next payment would only be $1.33 then, correct? (80 * .2 )/12 = 1.33

08-10-2004, 04:05 PM	#7 (permalink)
Stompy Banned from being Banned Location: Donkey	Interest is calculated on what's remaining and not the entire bill, correct? So if you bought something for $100 and interest was 20%, your first payment would have interest of $1.66 and you paid $21.66 to make the remaining balance $80. Your next payment would only be $1.33 then, correct? (80 * .2 )/12 = 1.33 __________________ I love lamp.