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Why is interest going up when balance is going down? Confused!
Comments
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i think it could be because there are more days in march ... my understanding is you pay interest daily ( which then compounds) i know feb this year had 29 days... but i noticed my mortgage didnt charge me interest on the 29th and a few people didnt get paid for working the 29th (those on salaries compared to hourly rates) so they didnt work ...
could it be that you only paid 28 days interest for feb but will pay 31 days for march? also the fact you are just paying the minimum and a wee bit over would mean that you are not really paying alot off at once so the interest wont realy go down by much
hth0
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