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Rate Of ReturnLongbridge's interest is calculated using a monthly progressive system.
If you borrow money from Longbridge, how is the interest calculated?
If you borrow 10000 for a term of 5 months with an annual interest rate of 12% (just a hypothetical example), the interest for the first month is 10000*12%/10=120. Then, starting from the next month,
the principal becomes 10000+120=10120, and the annual interest rate of 12% remains unchanged for a new calculation.
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This process repeats until the interest is paid off over 5 months.
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