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Who knows how to calculate interest for REVOLVING MORTGAGE?
Ok for example I borrow $2500000 (And use it all) from the bank at an interest rate of 13%.. How much do I have to pay monthly to the bank??
PS: Please note it is a revolving mortgage, so there's no such thing as tenure or duration of loan for this. Revolving mortgages has to be renewed every..
1 Answer
- MadManLv 78 years agoFavorite Answer
The interest is the same as for any other loan:
Balance x Interest Rate x Number of Days in Period/365
