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Thread: explanation on certain terms

  1. #1
    Join Date
    Jan 2008
    Posts
    560

    Default explanation on certain terms

    what is flat rate and effective rate?

  2. #2
    Join Date
    Jan 2008
    Posts
    250

    Default

    flat rate means, you have to pay interest of the principal amount (principal) during the whole tenure of the loan even when the principal is gradually reducing during the term of the loan.

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