{"id":5407,"date":"2019-05-16T10:28:40","date_gmt":"2019-05-16T14:28:40","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=5407"},"modified":"2019-05-16T10:28:40","modified_gmt":"2019-05-16T14:28:40","slug":"the-cost-of-borrowing","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/youth\/loans\/the-cost-of-borrowing\/","title":{"rendered":"The Cost of Borrowing"},"content":{"rendered":"

When you borrow $10 from a friend or family member, you pay back the same amount, i.e., $10. But if you borrow from a Caisse populaire, you have to pay\u00a0interest<\/a>\u00a0which means that you\u2019ll have to reimburse a bit more than $10.<\/p>\n

Example :<\/strong><\/h2>\n

The total cost of a credit purchase depends on the following:<\/p>\n

    \n
  • amount borrowed<\/li>\n
  • interest rate<\/li>\n
  • term<\/li>\n<\/ul>\n\n\n\n\n\n
    Amount borrowed<\/td>\nInterest rate<\/td>\n\n

    Term<\/p>\n<\/td>\n

    		Interest paid<\/td>\n<\/tr>\n
    \n

    $2 000<\/p>\n<\/td>\n

    		\n

    10 %<\/p>\n<\/td>\n

    		\n

    2 years<\/p>\n<\/td>\n

    		\n

    $215<\/strong>\u00a0for a total of $2 215<\/strong><\/p>\n<\/td>\n<\/tr>\n

    \n

    $2 000<\/p>\n<\/td>\n

    		\n

    10 %<\/p>\n<\/td>\n

    		\n

    4 years<\/p>\n<\/td>\n

    		\n

    $435<\/strong>\u00a0for a total of $2 435<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Tips on paying less interest<\/h2>\n
      \n
    • Pay back your loans as soon as possible: as a result, you\u2019ll get a good credit rating and save on interest.<\/li>\n
    • If possible, don\u2019t borrow money!<\/li>\n<\/ul>\n

       <\/p>\n","protected":false},"excerpt":{"rendered":"

      When you borrow $10 from a friend or family member, you pay back the same amount, i.e., $10. But if you borrow from a Caisse populaire, you have to pay\u00a0interest\u00a0which means that you\u2019ll have to reimburse a bit more than $10. The total cost of a credit purchase depends on the following: amount borrowed interest […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[112],"tags":[],"class_list":["post-5407","post","type-post","status-publish","format-standard","hentry","category-loans"],"acf":[],"yoast_head":"\nThe Cost of Borrowing | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/youth\/loans\/the-cost-of-borrowing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Cost of Borrowing | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"When you borrow $10 from a friend or family member, you pay back the same amount, i.e., $10. But if you borrow from a Caisse populaire, you have to pay\u00a0interest\u00a0which means that you\u2019ll have to reimburse a bit more than $10. 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