Edit - Personal Finance & Money Stack Exchange

You are not logged in. Your edit will be placed in a queue until it is peer reviewed.

We welcome edits that make the post easier to understand and more valuable for readers. Because community members review edits, please try to make the post substantially better than how you found it, for example, by fixing grammar or adding additional resources and hyperlinks.

+1 This is a great way to explain it. However, when I calculate the APR, I get 13.2%. Either way, it is certainly not a free loan.
– Ben Miller
Commented Dec 24, 2014 at 18:51
1

APR is often ambiguous. I raised (1+1.10%) to the 12th power for the effective annual rate; you multiplied by 12 (I think) to get the nominal annual rate, compounded monthly...
– DJohnM
Commented Dec 24, 2014 at 20:36
@User58220 You calculated the APY.
– Navin
Commented Dec 25, 2014 at 1:45
3

I'd also consider the loss of use of the $21,000 for three years.
– chili555
Commented Dec 25, 2014 at 2:18

Add a comment |

Correct minor typos or mistakes
Clarify meaning without changing it
Add related resources or links
Always respect the author’s intent
Don’t use edits to reply to the author

create code fences with backticks ` or tildes ~
```
like so
```
add language identifier to highlight code
```python
def function(foo):
print(foo)
```
put returns between paragraphs
for linebreak add 2 spaces at end
_italic_ or **bold**
quote by placing > at start of line
to make links (use https whenever possible)
<https://example.com>
[example](https://example.com)
<a href="https://example.com">example</a>

formatting help »
answering help »