how to calculate monthly installments for personal loans?
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Loans
LibranJunkiee asked:
banks in malaysia fixed a 6.8% BLR(base lending rate). what is ‘flat rate’ and ‘daily rest basis’? how many types of interest rate do we need to add in for the personal loan?
banks in malaysia fixed a 6.8% BLR(base lending rate). what is ‘flat rate’ and ‘daily rest basis’? how many types of interest rate do we need to add in for the personal loan?
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2 comments
cbmttek on July 13, 2009 at 6:28 pm
First of all, NEVER sign up for a financial obligation or an investment unless you fully understand the details. If you do not know what a BLR is, recommend that you get a good answer from the lending institution before you proceed.
Next go here:
It is a mortgage calculator, but it works for any loan.
Franco on July 16, 2009 at 7:19 am
Flat rate means they do not use compounding and so in the above case the daily rate is 6.8/365
American banks also use this method. It is not correct mathematically, but is easier to work out.
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