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... This is might be suprising for many of us, but some banks offer discounted loans. Using discounted loans banks take out the interest payment from the principal in order to get the benefits first. This is the formula: discounted loan = Interest/Principal - Interest X Days in the Year (360)/Days Loan. Now that you know how to calculate a loan we must sum up what we said above. The first thing to remember is that APR is the same as effective interest rate when there are no compound interest. Another important thing to remember is that you must calculate your effective interest rate based on 360 days. Many times we might forget the rule on how to calculate a loan that you are going to pay in less than 360 days. Also remember that you can take advantage of discounted loans because many banks offer them. Now that you know how to calculate a loan I wish you the best luck.
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