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The interest rate is based on the loan term - to a max of per annum. ie:
15% interest - 6 month term would be 2.5% monthly interest.
15% interest - on a 3 year loan, would be 15%/annum, not over the 3 year term (unless you got a really kind loan officer)
If someone is charging you the full interest rate every month, then you have a loan shark on your hand.
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