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20-05-2014, 01:40 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
Was talking to a friend earlier on and we talk about interest rate. According to him, he mentioned that he has received an update from the bank stating that the interest rate of his housing loan has been changed from 0.705% to 0.72% per annum on a monthly rest basis.
Question is what does it mean by per annum on a monthly rest basis. And what is the actual interest he is paying.
Told him not financially savvy to answer him.
Forummer here can enlighten?
Click here to view the whole thread at www.sammyboy.com (http://singsupplies.com/showthread.php?181972-Calculation-of-loan-interest&goto=newpost).
Was talking to a friend earlier on and we talk about interest rate. According to him, he mentioned that he has received an update from the bank stating that the interest rate of his housing loan has been changed from 0.705% to 0.72% per annum on a monthly rest basis.
Question is what does it mean by per annum on a monthly rest basis. And what is the actual interest he is paying.
Told him not financially savvy to answer him.
Forummer here can enlighten?
Click here to view the whole thread at www.sammyboy.com (http://singsupplies.com/showthread.php?181972-Calculation-of-loan-interest&goto=newpost).