Many drivers thought the interest rate is 10% because this ahlong only tell the loan amount and the total repayment. They never say a word about the interest rate and simply just let the less informed preys punch the number in their calculator.
Let's take the below offer for example,
In this case, the daily repayment amount is RM27.50 for total 56 days. If I plug the number into loan amortization calculator then the actual effective interest rate is 124%!!!
Source: https://www.calculatorsoup.com/calculators/...nt&action=solve
So wake up my fellow lembu, it is already pathetic to let them squeeze your driving income, please think wisely not to let them to squeeze every drop of blood out of u.
This post has been edited by S3phiroth: Jul 18 2019, 10:21 AM
The Effective Interest Rate of Crapcar Loan