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May 17, 1977 - Image 13

Resource type:
Michigan Daily, 1977-05-17

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Tuesday, May 17, 1977


Page Thirteen

A new way to borrow money and pay less for it.
Now, National Bank and Trust offers you a simpler LUMP-SUM PAYMENTS Here is one example of the way a Simple Interest
and better installment loan. It's called the Simple Any amount can be paid, any time, to reduce the Loan can save you money.
Interest Installment Loan. With it, you pay in- principal. The earlier your payment is made Let's say you buy a car, use your old car as a
terest only on the money you use, for the number in the life of the loan, the greater the savings in down payment and finance the balance of
of days you use it. There's no interest added on interest charges. $3,500 on a 36-month loan. With an Annual Per-
in advance, as in conventional installment loans In short, eech payment you make reduces the centage Rate of 11.33% your monthly payments
used by the other local banks. principal balance of your loan. And only with a would be $115.13. The sum of the payments
With Simple Interest Loans, we simply figure Simple Interest Loan is interest recalculated would be $4,144.68 of which $644.68 is the total
the interest on the unpaid balance of your when each payment is made, finance charge on the loan. At origination,
loan each time a payment is made. So any time You can use a Simple Interest Installment Loan this looks the same whether it's a conventional
you reduce that balance ahead of the agreed , to borrow money for any worthwhile purpose, loan or a Simple Interest Loan.
payment date, you'll save on interest charges. Whether it's a new car, a vacation, or anything at Now-say that at two months, you have an
For instance: all, you'll find it's the better way to borrow! extra $200 that can go toward paying offyour loan
ERLY MONTHLY PAYMENT The way most banks arrange loans, you'd only
EA mkeOaTHhYadPoYME hesave $2.84 by paying that $200 in addition to
Any time you make a payment ahead at the your regular payment:But with an NBT Simple
agreed due date, you have that many more 'Interest Loan, the same extra payment would
days with a lower unpaid balance--so you save you $68.41 in interest charges.
n loc int nPt_

pay Less mneresx.
Making more than one payment at a time
reduces the loan principal even mor so you
save on interest charges again


s$ xS x0$30 $40 $ s e$60 S70
Example based on $200.00 extra payment at two
months, in addition to regular monthly payment;
on a $3,500.00 36-month loan.
National Bank & Trust
Company of Ann Arbor'
NOT Simple interest Leans AvsfaWaleOnly At NOT Offices:
Mairea waseeington a Wiam at Thompson S tadu m at Packardar.Westgate Shopping Center "Washtenax at Pittstit etdir . Arorioadrs ope.ngCenter " F r+ oOd tMall
tt5emeway aPyuttasndGreenoadsa EtonRivrrrCiveCtarktRoadantas ana NMa .Or e -s

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