Credit agreement for a fixed interest loan for a fixed amount personal loan

PDF Version (234 kB)

Credit Agreement for a Fixed Interest Loan for a Fixed Amount (personal loan) referred to in subsection 8(1) of the Cost of Borrowing Regulations

Principal Amount

$10,000.00

Annual Interest Rate

10.75%

Fixed rate per year. This interest is compounded twice per year but charged monthly.

Annual Percentage Rate

10.75%

The interest rate for a whole year (annualized) including applicable fees such as service charge, loan origination fees or administrative fees when applicable.

Term

5 years

The term of the loan is closed for the whole five years, which means that you cannot pay down more than your prepayment privilege without paying a penalty.

Date of Advance

September 1st, 2009

This is the date your funds will be advanced. Interest will be calculated and charged from this date on.

Payments

$216.18 on the 1st of every month

Your payment is payable monthly and includes payment toward both principal and interest.

Amortization Period

5 years

Based on the current terms and conditions, your loan will take five years to pay in full.

Prepayment Privilege

N/A

Prepayment Charges

N/A

Default Insurance

N/A

Other Fees

Returned or refused payment due to insufficient funds: $40.00

Page details

Date modified: