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June 07, 1977 - Image 2

Resource type:
Michigan Daily, 1977-06-07

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Page Tw0


Tuesday, June 7, 1977


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 cabled 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 ouy 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 paymentjand 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, each 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 ofwhich $644.68 isthe 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 money1,r 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 thatcan go toward paying off your loan.
ESRLY MONTHLY PAYMENT The way most oanks ange loans. you'd only
EAy k L PAYMENT ahed hsave $2.84 by aying that $200 in addition to
Any time you make a payment ahead of theyoreglramn.BtwhanNTSpe
agreed due date, you have that many more Example of Impl e IntsavinsI your regular ayment. But with an NBt Simple
days with a lower unpaid hal nc-so yau Sml ntrs s CovnIna -nthmn In - nterest Loan, the same extra payment would
days sitaloer npisave you $68.41 n terest -harges.
pay less interest,.

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

I l o 2 u e s e r

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
NBT Simple Interest Loans Available Only At NBT Offices:
Ma v .1 Wcvatam Wuleam na ThomPsonaic Stadum at Packard Weslgaie Shoppi g Cener was:tenaw at Pittsfetd Blvd Sid Arbrand Shoppig Center B Oarweod satt
1156 cBr tcadway Plymouth and Gi een Rads E Huron River Dave at Clark Road a Mian 9 Wabash and 541 W Mai n Or Call 995-6121

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