Mr. Ali applied to borrow QAR 1,000 for 3 months (90 days). The service fee is 10%, charged upfront. Service fee = QAR 1,000 ×10% = QAR 100 (per month).
Mr. Ali applied to borrow QAR 1,000 for 3 months (90 days). The service fee is 10%, charged upfront. Service fee = QAR 1,000 ×10% = QAR 100 (per month).
Resulting loan amount = QAR 1,000 + QAR 100 x 3 = QAR 1,300. The interest rate is 1% per month on the remaining balance.
Resulting loan amount = QAR 1,000 + QAR 100 x 3 = QAR 1,300. The interest rate is 1% per month on the remaining balance.
Over 3 months, the total interest is about QAR 39. Full repayment ≈ QAR 1,339.Mr. Aliʼs monthly payment is QAR 1,339 / 3 = QAR 446.
Over 3 months, the total interest is about QAR 39. Full repayment ≈ QAR 1,339.Mr. Aliʼs monthly payment is QAR 1,339 / 3 = QAR 446.
