I'm sure the 5% interest they pay you isn't the same as the 5% you'd expect if you were borrowing it - i.e. the interest rates here aren't %APR's. They don't add up.
I'm not sure where the banks studied how to apply interest. A friends "fixed rate" car loan of 5% turned out to be about 10%APR!! Also they put the interest rate up to 9% without even informing him till he thought he was on the last payment. He went in to the bank an they told him he still had 6 more months to go, as the interest rate went up to 9% in the third month of his 36 month loan. They never told him. They never adjusted his monthly payment.
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I'm sure the 5% interest they pay you isn't the same as the 5% you'd expect if you were borrowing it - i.e. the interest rates here aren't %APR's. They don't add up.
I'm not sure where the banks studied how to apply interest. A friends "fixed rate" car loan of 5% turned out to be about 10%APR!! Also they put the interest rate up to 9% without even informing him till he thought he was on the last payment. He went in to the bank an they told him he still had 6 more months to go, as the interest rate went up to 9% in the third month of his 36 month loan. They never told him. They never adjusted his monthly payment.
*********************************************
Want live UK/US/Canadian TV? BBC iplayer, ITV Player, C4 On Demand? Try here: http://www.lamnia.co.uk?xyz=74
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