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Additional information regarding the licensing of financial companies can be obtained from the Iowa Department of Banking, Rod Reed, Finance Bureau Chief, 515-281-4014, rod.reed@idob.state.ia.us. $400 Car Title Loan Repayment Worksheet Day 1 Customer borrows $400 from LoanMax Day 15 $10 fee is due, along with 15 days of interest at 1% a day · $10 fee, along with: · $ 400 principal X 1% = $4 daily interest · $ 4 daily interest X 15 days = $60 interest payment · Balance of loan ($400 principal - $0 principal payment) = $400 · Payment due ($10 principal payment + $60 interest payment) = $70 Total amount paid by borrower = $70 Day 45 10% of the principal is due, along with 30 days of interest at 1% a day · 10% interest X $400 principal = $40 principal payment · $400 principal X 1% daily interest = $4 daily interest · $4 daily interest X 30 days = $120 interest payment · Balance of loan ($400 principal - $40 principal payment) = $360 · Payment due ($40 principal payment + $120 interest payment) = $160 Total amount paid by borrower ($70 +$160) = $230 Day 75 10% of the principal is due, along with 30 days of interest at 1% a day · 10% interest X $360 principal = $36 principal payment · $360 principal X 1% = $3.60 daily interest · $3.60 daily interest X 30 days = $108 interest payment · Balance of loan ($360 principal - $60 principal payment = $300 · Payment due ($36 principal payment + $108 interest payment = $144 Total amount paid by borrower ($70 + $160 + $144) = $374 Bottom Line: After two and a half months, a borrower, making the minimum payments, would have paid $374 on a $4 | Car loan las vegas | Car loan kansas city | Car loan interest rate | Car loan indianapolis | Car loan houston | Car loan fort worth | Car loan for people with bad credit | [ 1 hour loan payday ]