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Say if you took out a $5-10,000 loan from the bank. If you paid that off over like, 2 months, would you still have to pay interest on it? Or does APR only apply per year?

Say if you took out a $5-10,000 loan from the bank. If you paid that off over like, 2 months, would you still have to pay interest on it? Or does APR only apply per year?

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[–] • 7 pts

Depends on the loan agreement.

Some will penalise you for early repayment.

Make sure to check that before taking it out

[–] • 1 pt

This is the only correct answer. Read the contract you signed. The jew has many different types of loans.