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Full sentence: borrower promises to pay equal monthly payments of principal and interest in the amount of $ 800 on 1st day of each month starting 1/1/2012. - By the way this is based on simple annual interest Does this mean: 1. You'd have to pay ex: $ 300 Interest + $ 500 Principal every month (unlike amortized loan where each month you put more money into principal) or 2. each month you'd have to pay in equal amounts of $ 400 to principal $ 400 to Interest every month ?
Neither - you pay $ equal monthly payments of $800 - the loan will be amortized, just the payments themselves are equal ($800 each and every month). The reason it is worded that way is that allows additional amounts (for example, insurance and taxes) to fluctuate within the payment (i.e., the payment might be $950 this year all told, $975 the year after, but the amount that goes toward P&I will always be $800).
No, neither. It means the monthly payments are $800 each month (equal monthly payments) for the term of the loan.It wold amortize like any loan, where interest payments would be higher in the beginning when the principal balance is higher and then gradually decrease as the principal balance is paid off.
It means neither of those things. It means equal payments, of which the interest portion will drop slightly every month as the principal is paid down. Remember, with a simple interest loan you will pay FAR more if you pay late.
Contrary to popular belief this usage is not lazy or indecent nor is it as recent as many of you seem to think. At least as far back as the time of the American Revolution pls or plz was used in place of please in correspondence , again after the introduction of the telegraph, and most recently with the advent of text messaging, and all for the same reason, cost. During the early days of our country both paper and ink were expensive, so there were accepted methods of abbreviation to cram as much information into a letter as possible pls (or plz) was one example of this. When sending telegrams you were charged by the word (as in typing every 5 characters not actual words) so once again pls was used (among many other shortcuts u for you and so on) to make the sending of a message as cost effective as possible. As for text messaging, when first introduced, you may recall, we were charged per message we sent, so cutting letters out of messages meant a single text could be sent instead of two. It became a habit that carried over onto the internet, even though the need for the abbreviation no long exists,,,,to be fair though I am fairly sure you type North Carolina or okay instead of Orl Korrekt which is the widely accepted original phrase the abbreviation came from, so can you really cast stones?
Yerk - nasty ambiguous wording - if I came across a sentence like that I would ask for clarification before signing. They win no prizes for clear English - makes you wonder if they are being DELIBERATELY ambiguous.....