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I took out a $25000 simple interest loan in late July. So far have paid $2730 back, but $938 of that has gone to interest. Can someone help me make sense of this?
I took out a $25000 simple interest loan in late July. So far have paid $2730 back, but $938 of that has gone to interest. Can someone help me make sense of this? It's my first large/simple interest loan, it seems like a lot of money to have gone straight to interest payments over the course of only a couple of months. It's through Wells Fargo. I know I just don't really understand simple interest, but it just seems like a lot at 15.24% interest. Can someone please break it down for me so I can understand...
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