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Loan repayment amount hikes every sunday
hi I have 1 year left on a 5 year loan and have been getting the settlement figure from the online company site every day this month to see if it makes a difference when I pay it off during the month. It starts off the cheapest on day 1 and rises each day as you would expect however every sunday the figure is always much higher then the days before or after. Am I being suspicious is this is because most people would settle their loan on a sunday or is there another reason does anyone know? thanks
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Comments
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Maybe the week's interest is added on a Sunday."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0
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The bank would be closed, so the payment would be for value Monday?0
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Because the sunday figure includes Friday,Saturday and Sunday interest (as banking systems don't tend to run their end of day on saturday/sunday so the extra 2 days interest gets calculated for value either close friday or close monday.0
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