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Monthly Compounding

The words “monthly compounding” actually refer to the situation of how the interest is compounded if a payment is missed. If a monthly payment is missed the interest due is added to the outstanding balance and next months interest calculation is based upon an outstanding balance that contains unpaid interest. By definition, monthly compounded interest. If the schedules monthly payments are made in full each month, the interest calculated is not monthly compounded. The monthly compounding only refers to the case when the payments are missed. The words “monthly compounding” really should be replaced by “monthly compounding of interest if payments are missed”. The esoteric and confusing vernacular is so strongly imbedded in the financial industry it is almost impossible to clarify.



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