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This calculator provides a way of comparing compound and flat rates of interest. Flat rates of interest are often used in illustrations because they appear lower than the APR but are in actual fact more expensive. For example an APR of 7.8% represents better value than a flat rate of 5%.
Simply enter the amount you wish to borrow, the interest rate, whether the interest is compounded (like APR) or a flat rate, how many months the loan is for and press 'Calculate' to see the monthly repayments.