
Originally Posted by
WenG2
here's how i calculate it. let's say your loaned amount is 1M and use the 2 year installment at 9.92%.
loaned amount = 1,000,000
interest rate = 99,200
total payable = 1,099,200 divided by 24 mos = 45,800
if you pay 1 month advance, this is how i would look at it
loaned amount = 1,000,000
1 mos advance = 45,800
your new loaned amount would only be = 954,200
your total amount to be paid to the bank is still = 1,099,200
hence, you loaned 954,200 and will pay the bank 1,099,200 at the end of 2 years. the recalculated interest rate will now be = 15%
at first i look at it as only "time issue" when paying in advance but it seems that this is more of an interest deal. my question is why did the bank change their interest rate to 11.5% when i asked for a no advance payment scheme. 9.92% is too low according to other banks i have asked so there must be a catch for that. at 11.5% in 2 years that bank was already competitive with the others that offered a no advance payment scheme.
got those freebies from jessa of las pinas.
LTO - 10k
3M tint -6k
rain visor - 3.5k
the rest - not worth getting na, hehehe!
i've learned about them freebies after reading thoroughly this thread. when i asked the SA about the freebies she agreed on it immediately. pahabol ko nalang yung window visor sa hirit. ganda nga ng visor kasi naka etched pa yung montero na name.