Quote:
Originally Posted by Jel
This doesn't add up. 5k loan week 1 = 500, leaves 4500 week 2 = 450 leaves 4050 week 3 = 405, and so on. Not saying that isn't expensive, but you don't still owe the full amount, nor have you paid 5k, after 10 weeks.
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You are not paying down the loan, you are paying down the interest. It's like an interest only loan. You still owe the 5k regardless of what you have spent on interest.
It's the American way!