Hey there @galenkp
All this interest is compounded daily... Right ? Does that mean that your charged interest on the interest that was incurred yesterday ?
Hey there @galenkp
All this interest is compounded daily... Right ? Does that mean that your charged interest on the interest that was incurred yesterday ?
Hmm, good question. I don't know much about interest repayments as I don't pay them myself however I believe the interest is calculated daily on the principle only, not the interest itself, and has a due date. So, if the interest is paid by the due date I guess there's no additional penalty.
I guess it depends on the institution as they all have different terms and condions.