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10 cards from this deck
Interest calculated on current balance, not original amount
As balance decreases, interest charged also decreases over time
extLoanpaymentimesextNumberofrepayments ext{Loan payment} imes ext{Number of repayments}extLoanpaymentimesextNumberofrepayments
extTotaltobepaid−extPrincipal ext{Total to be paid} - ext{Principal}extTotaltobepaid−extPrincipal
The original amount borrowed
Multiply table value by number of thousands borrowed
Higher monthly payments but much less total interest paid
Dramatically reduces time to repay and total interest charged
Initial cost of processing the loan application
Cost of assessing market value of a property
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