Hi Amit,
Agree with you that in many banks/financial institutions in India, interest is
calculated on daily outstanding balance and is applied on the last date of the
month. And any extra-payment is always a repayment of the principal.
My question is –
Are there other practices that are
Hi binny,
Although it is not a real way to treat a loan but it might me useful to you.
http://en.wikipedia.org/wiki/Balloon_payment_mortgage
http://www.mycalculators.com/ca/loancalculatorballoonm.html
As others are more concentrate on the amount of interest which they do not
want to loose in ca
