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    3. if you borrow money at 4.4 percent, does that mean you are paying 4.4 percent of the balance each month
    if you borrow money at 4.4 percent, does that mean you are paying 4.4 percent of the balance each month

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    0  Views: 436 Answers: 2 Posted: 14 years ago
    Tags: banking/finance
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      2 Answers

      Interest can be on a daily basis charged monthly or quarterly so 4.4 could work out higher than 4.4 per annum.

      If it is simple interest of 4.4 per annum you pay 4.4 per annum on the total borrowed until the last cent is paid off.
      14 years ago. Rating: 0
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        Depends on who you are borrowing it from. Generally though it means per year.

        14 years ago. Rating: 0
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