Quote:
Originally Posted by Barefootsies
That was the deal.
He said, you could leave it with him, and keep collecting 7% monthly from him instead of what the bank is giving you (I haven't a clue, but he said 1.5-2%) or you can just cash out, take your $1400.00 after the car wash deal, and call it a day.
Quick money for you, and he gets his car wash.
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If he would loan it from a bank, and would pay back in 1 month he would only have to pay like 1% (if yearly rate is 12%) plus the ''openings/agreement'' fees. In holland it's called ''running credit'' and basicly you can pay what ever you have that month. I dont know a lot about loans but the interests rate is based per year, so 12% would make 1% a month interest.