Posted on: 21st Jun, 2006 01:40 pm
I find that the interest paid at the beginning of a loan is more than at the end of the loan term. Why is it so?
Hi Bert,
It depends on the type of the loan. In case of a mortgage, you are paying down your interest first and later on you pay the principal.
Rhonda
It depends on the type of the loan. In case of a mortgage, you are paying down your interest first and later on you pay the principal.
Rhonda
Bert,
The lender profits by charging interest on the loan money granted to the borrower. The loan term is set by the lender to their advantage. Obviously they will want to get paid first as well as get paid most.
James
The lender profits by charging interest on the loan money granted to the borrower. The loan term is set by the lender to their advantage. Obviously they will want to get paid first as well as get paid most.
James
Can.t find slip with interest paid. Please tell me what it was
Hi Shirley,
You can contact your lender and check if you can get a duplicate of the slip. I hope the lender will give you the duplicate copy.
Thanks
You can contact your lender and check if you can get a duplicate of the slip. I hope the lender will give you the duplicate copy.
Thanks