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:eek::eek:… i hope no one is stupid enough take that loan.
More like 183% per annum. Ask youself how much will that car have earned you?
Someone will earn Kshs 38,000 per month for 48 months and then you pay kshs1,000,000 that you initially borrowed? What a raw deal
Shait
shylock and short term loans from mobile apps crazy annual interest
That is a bit too high interest rate for a loan. I have never paid more than 14% p.a for any loan.
59,055X24=1,417,320
1,417,320-1,000,000=417,320
(417,320/1,000,000)x100=41.7% not 66.3%
Regardless that’s an expensive loan even if it’s unsecured loan.
Wewe, hesabu ya loans sikama ya kucalculate bets za ball.
Hiyo hesabu yako ni ya simple interest. Loans hupeanwa na compounded Interest. Enda Excel utafute Amortisation Table.
Hawajasema reducing balance
Thats standard practice for loan disbursements nowadays from any financial organisation. Simple interest achia chama za wamama.
I don’t touch hizo loans stuff. And when I have to no Sacco naenda. So sijui saana haya maneno.
Tunafuliza kakisonga
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Kuna vitu mingi hujuangi btw
please use the standard loan amortization sheet that banks also use. its freely available as an excel sheet, if you know how to access it. thats the precise calculation. interset is not calculated that way my brother for any loan, me talking from experience. check @speminators indepedent calculation above to believe. ask refund from your bussiness education subject teacher. this is SECURED loan using log book
Nimesikia.
Perhaps i should tell the same to my old bosses whose thinking is still accustomed to what they learnt in the 90s at campus.
Pengine watasikia na waanze kutii millenials