What interest rate applies and how is it calculated?
The interest rate is defined in your offer and typically ranges between 1.5% and 2.5% monthly.
Interest is simple, following the American method:
- You pay interest monthly
- The principal plus the final interest are paid in the last installment.
✏️ Example:
If you use $100,000 USD at a 2% monthly rate over 3 months, you would pay:
- Month 1: $2,000 USD (interest)
- Month 2: $2,000 USD (interest)
- Month 3: $102,000 USD (principal + interest)
