How interest works on a loan
Backdur asks "How much is paid back in all?" and works out the interest from that.
Lenders often quote interest in confusing ways. But you usually know the total you'll pay back.
So Backdur asks: "How much is paid back in all?" For example, you borrow ₦100,000 and pay back ₦120,000. Backdur works out the interest (₦20,000) from that.
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