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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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[–] [deleted] • 0 pt

Mortgages do not have a prepayment penalty. Usually the prepayment penalty on a car loan is small. Commercial loans/leases do rape you ocassionally.