The Reasons This Happens Is That The Interest Rate Of 17 Is Charged On A Lower Or Reducing Balance Loan Amount Each Month So In The First Month
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Image Titled Use A Simple Interest Calculator To Find Your Payment Amount Step 11
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Actually For One Or Two Skipped Payments The Apr For Simple Interest And Compound Interest Was Very Close The Only Difference See The Comparison On The
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The Following Is A Graph From Wikipedia Showing Just That A 1000 Investment At Various Compounding Frequencies Earning 20 Interest