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01-22-2013, 05:56 PM
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Originally Posted by pacerhimself View Post
5% per year, which works to around $16 for 4 months.
Ok now I understand where the $16 comes from although I will say that the agreement is written poorly. All it says is "5% simple interest" "Interest will be calculated on a monthly basis on the 15th of each month" I realize 5% per month is alot but no where does it state the 5% is APR that is why I was wondering.

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