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the calculator does not charge compound interest. It's standard simple-interest amortization: interest each month is computed only on the remaining principal, never on accumulated interest.
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the calculator does not charge compound interest. It's standard simple-interest amortization: interest each month is computed only on the remaining principal, never on accumulated interest.
"Annual interest rate" so that implies you're charging him compound interest... kinda dick move if he is your friend 🤣