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Post# of 704041
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Smart_Money

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Smart_Money

Re: extelecom post# 72939

Thursday, 02/06/2003 11:12:14 AM

Thursday, February 06, 2003 11:12:14 AM

Post# of 704041
A mortgage loan IS simple interest and most car loans are rule of 78. Chrysler, Ford, GM ect use the rule of 78 while Credit Unions mostly use the simple interest.

"An auto loan is more like simple interest although they screw you using rule of 78..."

The loan payoff can't use both! The payoff is when it come into effect.





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