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exwannabe

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exwannabe

Re: LessIsMore post# 575546

Sunday, 03/12/2023 7:24:28 AM

Sunday, March 12, 2023 7:24:28 AM

Post# of 701258

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


FYI, there is no need to interpret the Terms and Conditions as we have the contract from the first of the Fife loans (that all use the same framework).

The loan is $10M with a $1M OID and $5K fee rolled in for an initial principal balance of $11.005M.

The interest is 8% annual, compounded daily

The "110% payment" means that the monthly payment is 10% above the monthly principal and interest payment called for in the amortization schedule.
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