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Car loan - flat rate basis OR monthly rest basis

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arias48:

--- Quote from: law on October 16, 2008, 11:35:35 PM ---ABN used to offer a monthly rest loan package. not sure if they still have it now. monthly rest package usually carries a higher interest rate compared to flat rate package.

however, for flat rate package, the rate that we are paying is not the flat rate interest. e.g a 2.5% p.a. flat rate package, the effective rate tat u are paying will actually be abt 4%+.  it will not differ much from a monthly rest basis package. not too much savings for taking a monthly rest package. tat could also be the reason why banks are not offering such package.

--- End quote ---

Thx Law.....

arias48:
http://singaporemotoring.blogspot.com/2007/07/how-to-compute-effective-interest-rate.html

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