and its the same story...heres how i see it.
the 4.5% is based on a flat fee of the loan. for instance if you had a 10,000 loan for a year the intrest paid for the loan would be 450.
when they use their variable 9% rate i think they describe it as follows..after the fist months payment you pay 9% on the balance...after the second month payment you pay 9% on the balance. so you can see that at the end of the term the interest you are paying is very low. it averages out to a flat fee of 4.5%.
and its the same story...heres how i see it.
the 4.5% is based on a flat fee of the loan. for instance if you had a 10,000 loan for a year the intrest paid for the loan would be 450.
when they use their variable 9% rate i think they describe it as follows..after the fist months payment you pay 9% on the balance...after the second month payment you pay 9% on the balance. so you can see that at the end of the term the interest you are paying is very low. it averages out to a flat fee of 4.5%.
someone please correct me if i am not getting it.