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Old 04-23-2009, 03:33 PM   #37
Mr. Flopnuts Mr. Flopnuts is offline
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Quote:
Originally Posted by MediaCenterJunkie View Post
Flopnuts help me out here.

Lets say you get a loan for $3400

You put $500 down in a down payment, and have 10% compound interest.

You pay $400 a month back on the loan.

What does that 10% compound interest mean?
The only difference between that and a normal interest loan is, you pay interest on your interest with a compounded interest loan.
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