I took out a loan to test:
$ 276.923, 17% interest, 72 terms.
Monthly payment: $ 27.118.
72*27.118= $1.952.496.
That's already expensive enough, but it seems the 17% is added each month...
(Regardless of how i calculate it, I can't get to the same figure as the game)
After 1 month, the loan is $325.027 (grown by $48.104)
17% off 276.923 = 47.077. (and there's supposedly a payment of 27.118 happened as well.)
If the 17% is added monthly, and the payment is 27.118.....when you reach month 72, your loan is : $ 9.529.655.783. (and you've made monthly payments of $ 1.952.496)
I know they're greedy, so it might not be far off - but still....
$ 276.923, 17% interest, 72 terms.
Monthly payment: $ 27.118.
72*27.118= $1.952.496.
That's already expensive enough, but it seems the 17% is added each month...
(Regardless of how i calculate it, I can't get to the same figure as the game)
After 1 month, the loan is $325.027 (grown by $48.104)
17% off 276.923 = 47.077. (and there's supposedly a payment of 27.118 happened as well.)
If the 17% is added monthly, and the payment is 27.118.....when you reach month 72, your loan is : $ 9.529.655.783. (and you've made monthly payments of $ 1.952.496)
I know they're greedy, so it might not be far off - but still....