Now they realize that they could have taken out a different loan that didn't charge 30%. Amazing.Nancy It isn't stated the same way as interest rate on a loan. It also should have been easy to multiply the monthly payment by the number of months. Borrowing $92,000, Paying $240,000. They are also paying income taxes on the payments. It is no wonder that they were in deep financial problems and were looking for a quick fix.
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