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Differences between a monthly flat rate and an annualised percentage rate

Monthly flat rate is the method to calculate the total interest expense for an instalment loan.

Total interest amount = Principal Amount x Monthly flat rate x Tenor.

An Annualized Percentage Rate ( APR ) is calculated using method specified in relevant guidelines issued by The Hong Kong Association of Banks. An APR is a reference rate, which includes all applicable interest rate, fees and charges of the product, expressed as an annualized rate.

Please take note that the principal repay and interest payable for each instalment is uneven.

Interest payable is calculated on the basis of “Rule of 78”. More interest will, in general, be included in earlier instalments, and less on principal.

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