@Anonymous wrote:
Hi everyone. I have a question. If I write a check of $50 to my friend from my CLOC account, and pay it back tomorrow. Will there be an interest of using it ? My question is " How does the interest work?" Thanks.
Technically the interest is compounded daily, but 16% interest on $50 for a day is next to nothing.
16/365 = 0.04% daily rate.
0.04%*1 = $0.04, but if I pay off my line of credit that quickly, Navy usually refunds the finance charge for some reason (or at least that's what it looks like)
