Although this is an excellent example of a credit agreement it does have one thing which could prove an expensive item.
If we look at the charges for credit we have an acceptance fee which is payable with the first payment. Then we have the charges which will be interest payable. Item 3 though is a credit facility fee (please don't ask me what this is for, I have no idea) The problem here is that this credit facility fee is payable with the last payment, this invariably means it will incur interest throughout the loan period.
Had they allowed for this to be paid at the start of the agreement it would have been virtually perfect.
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