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05-01-2017, 06:04 PM #1
- Join Date
- Oct 2012
- Posts
- 360
does 18% with daily withdrawel come out to 40% interest ?
funded a $75k deal recently with rapid on their select/preferred program 16% over 12 month but with the 2.5% up front fee came out to 18% fee .. merchant calls me after he got funded screaming that I'm a loan shark ?? that it was really 40% APR because it was taken out daily. sends me this link
http://www.calculatorsoup.com/calcul...r-advanced.php
any accountants on this forum able to explain if this really works out to be 40% Apr .. i did tell him it wasn't a loan it was buying his receivables but he said the 1st page of contact say " business loan agreement '" ?
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