Sentences with phrase «charged over the full term of a loan»
And because interest is charged over the full term of a loan, even if you've got a lower rate, you may end up paying more in interest because you're paying for a longer time.
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The terms of a loan include the amount of time the debtor has to repay the full amount and the interest he will be charged over that time.
When you spread that out over the full term of the loan (four years), you see that Frank is paying an extra $ 2,780 in interest charges.
Refinancing either to lower the monthly payment or change from a variable - rate to a fixed - rate loan could result in an increase in the total number of monthly payments and interest charges paid over the full term of the new loan.
Refinancing either to lower the monthly payment or change from a variable - rate to a fixed - rate loan could result in an increase in the total number of monthly payments and interest charges paid over the full term of the new loan.