Felix D asked:
Hey there,
Hey there,
Lets say for example John Smith takes out a home loan of $500,000 for 30 years at 8.6% per annum.
What does it mean by “… at 8.6% per annum”? Like does he have to pay 8.6% of the 500K each year or somthin?
Cheers, totally clueless about loans
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