Is 3% A Fair Deal Please (photo) - Investment - Nairaland
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| Is 3% A Fair Deal Please (photo) by TeamLeader(op): 7:49am On Oct 02, 2025 |
Good day business minded people and happy independence. Please I got this loan offer from a bank and the interest rate is 3% monthly of the principal amount of 300,000 to be repaid in 12 months. I'll be paying 30k per month for 12months Is this a fair deal to take or my calculation is wrong? Help me please. Thank you
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| Re: Is 3% A Fair Deal Please (photo) by advanceDNA: 8:54am On Oct 02, 2025 |
TeamLeader:Paying 30k per month means you are paying 10% of the principal amount monthly and not 3 % as u claimed 30,000 X 12 = 360,000....so, at the end of the lending tenure (12 months) you would have paid 20% !nterest on the 300,000 u borrowed If all u are paying is the 30k for 12 months, Its honestly not a bad deal considering it's a long term l0an... 1 Like |
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