Payday Loan Interest Premiums
Learn how to work out the annual share level on a payday mortgage. In Canada, payday loans are not permitted to be compounded (if they have been, the powerful annualized prices would be many, many thousands of p.c!).
9 comments
Evelyn Craine March 13, 2017 6:10 am
House loan is 3% – try again – it's about 200% actually.
ReplyAwatef Idrees March 13, 2017 6:10 am
Great Video❤
ReplyElliot Sommers March 13, 2017 6:10 am
These videos are incredibly interesting, please continue to make more.
ReplyIan Torres March 13, 2017 6:10 am
Omfg about looks like pretty tevrificrelatively
Replyrd711 March 13, 2017 6:10 am
The downfall of society is the banking industry.
ReplyNguyên March 13, 2017 6:10 am
I don't even think about it, if you don't have $300 now, what are the chance that you will have $369 in two weeks, if you really need the money, just ask your family members or friends for help.
ReplyD Redd March 13, 2017 6:10 am
hey Preet? what are the pros of taking a short term pay day loan?
ReplyPaul Brandon March 13, 2017 6:10 am
Just out of interest, do they use 365 1/4 days in a year or adjust the formula in leap years?
ReplyPaul Brandon March 13, 2017 6:10 am
I respectfully disagree! Many payday loans are rolled over from one institution to another and many people take out several payday loans in a year. The debt (including interest) is a black hole that many people can't get out of. Thus, I believe that the effective (compound) interest rate is more appropriate. It is also the calculation that is required by the Criminal Code of Canada!
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