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FNB Personal Loan - Sound right ?
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<blockquote data-quote="Dolby" data-source="post: 963588" data-attributes="member: 17"><p>Let's say you take a personal loan with premiums R2,200.00 per month at the following : </p><p></p><p>Amount : R50,000</p><p>Period : 30 Months</p><p>Interest : 20%</p><p></p><p>If you decide to pay extra into the account, shouldn't either the term / amount change?</p><p></p><p>Using the same figures, first month I paid R10,000.... second month R5,000 .... and the third month another R5,000.00. My balance is reflecting these amounts have come off (ie it's reading R30,000) - but the term still reflects 27 and the premium R2,200.00</p><p></p><p>I assumed something would change ? </p><p>ie Premium would now be be around R1,500?</p><p>or my term would be 18 months?</p><p></p><p>I thought it was much like a home or vehicle loan - but apparently not ?</p></blockquote><p></p>
[QUOTE="Dolby, post: 963588, member: 17"] Let's say you take a personal loan with premiums R2,200.00 per month at the following : Amount : R50,000 Period : 30 Months Interest : 20% If you decide to pay extra into the account, shouldn't either the term / amount change? Using the same figures, first month I paid R10,000.... second month R5,000 .... and the third month another R5,000.00. My balance is reflecting these amounts have come off (ie it's reading R30,000) - but the term still reflects 27 and the premium R2,200.00 I assumed something would change ? ie Premium would now be be around R1,500? or my term would be 18 months? I thought it was much like a home or vehicle loan - but apparently not ? [/QUOTE]
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FNB Personal Loan - Sound right ?
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