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LessIsMore

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Re: Poor Man - post# 575544

Saturday, 03/11/2023 10:24:00 AM

Saturday, March 11, 2023 10:24:00 AM

Post# of 705309
All-In Interest Paid to Fife = 29.1 (8.9% + 20.1= 29%)

LOL this is not how you calculate interest, you don't just add the interest totals.

When Macy's offers 60% off plus an additional 50% off does this mean I get 110% off? FYI they are mutually exclusive.

Based upon my interpretation of the Terms and Conditions the effective interest rate is 25.1%.

Loan Amount = $11,005,000
OID = 10%
Cash received = $9,904,500

Payments start in December 2023 (interest accrues from effective date) at $865,264/month PLUS 10% Premium = $951,790/month.

Total paid at conclusion of loan = $13,325,066
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