Loan calculation (Moscow)
A little confirmation needed from financial banking experts. I have been to get some information about loan in general. Banks told me that when a person makes a loan in Russia, the additional fees due to the percentage rate, is automatically added to the sum and it is the total you have to reimburse at the final deadline or before...
For example: you borrow Protected content a period of 5 years, rate is 20% (let's say Protected content the total to reimburse is Protected content 1200. If you can reimburse the day after you made the loan, you would have to reimburse Protected content .... and if you reimburse it month after month for 5 years, you would reimburse Protected content .
This seems so strange for me as we don't have this system in Belgium. Can someone confirms this is right or a trap? :-)