PAGIBIG MPL GRANTED. Parang mali yung total interest if the monthly amortization will be computed for the whole term
Hi! Gusto ko lang maliwanagan sa recently approved MPL ko sa PAGIBIG. Here’s the details
Total Loan Granted = 30,144.32
Loan term = 36 months
Monthly amort (as per PAGIBIG website) = 1,114.41
So 1,114.41 x 36months = 40,118.76
40,118.76 - 30,144.32 (principal amount) = 9,974.44 —— total interest?!!!!
My question is, diba 10.5% p.a. diminishing balance ang computation dapat ng monthly amortization ko? It seems to me be that nakafixed rate yung interest nila yung per year which doesn’t make sense. Sobrang laki ng interest ko for the whole term considering ganyang amount lang yung hiniram ko. Mas malaki pa sila kesa sa ibang banks.
Mali lang ba ako ng intindi? Or may mali talaga dito? Chineck ko rin yung MPL calculator ng Sweldong Pinoy website, 5,127 lang yung computed na total interest na nacompute for a 36 months term.
Enlighten me please. Sobrang naguguluhan ako, at the same time nagulat ako sa laki ng interest ng niloan ko.