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June 14, 1977 - Image 7

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Text
Publication:
Michigan Daily, 1977-06-14

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Tuesday, June 14, 1977

THE MICHIGAN DAILY

Page Seven

Introducing
A new way to borrow money and pay less for it

Now, National Bank and Trust offers you a simpler
and better installment loan. It's called the Simple
Interest Installment Loan. With it, you pay in-
terest only on the money you use, for the number
of days you use it. There's no interest added on
in advance, as in conventional installment loans
used by the other local banks.
With Simple Interest Loans, we simply figure
the interest on the unpaid balance of your
loan each time a payment is made. So any time
you reduce that balance ahead of the agreed
payment date, you'll save on interest charges.
For instance:
EARLY MONTHLY PAYMENT
Any time you make a payment ahead of the
agreeddue date, you have that many more
days with a lower unpaid balance--so you
pay less interest.
MULTIPLE PAYMENTS
Making more than one payment at a time
reduces the loan principal even mor so you
save on interest charges again.

LUMP-SUM PAYMENTS
Any amountcan be paid, anytime, to reduce the
' principal. The earlier your payment is made
in the life of the loan, the greater the savings in
interest charges.
In short, each payment you make reduces the
principal balance of your loan. And only with a
Simple Interest Loan is interest recalculated
when each payment is made.
You can use a Simple Interest Installment Loan
to borrow money +rany worthwhile purpose.
Whether it's a new car, a vacation, or anything at
all you'll find it'sthe better way to borrow!
ACTUAL SAYINGS
$2.84
OTHER BANKS, CONVENTIONAL LOAN

Here is one example of the way a Simple Interesi
Loan can save you money.
Let's say you uy a car, use your old car as a
down payment pnd finance the balance of
$3,500 on a 36-month loan. With an Annual Per-
centage Rate of 11.33% your monthly payments
would be $115.13. The sum of the payments
would be $4, 144.68 of which $644.68 is the total
finance charge on the loan. At origination,
this looks the same whether it's a conventional
loan or a Simple Interest Loan.
Now-say that at two months, you have an
extra $200 that can go toward payingoff your loan
The way most ranks inge loans, you'd only
save $2.84 by aying that $200 in addition to
your regular ayment. But with an NBT Simple
Interest Loan, the same extra payment would
save you $68 41 n terest -harges.

L $10 $20 $30 $40 $50 S60 $70
Example based on $200.00 extra payment at two
months in addition to regular monthly payment:
on a $3.500.00 36 month loan.
PAY INTEREST ONLY ON THE MONEY YOU USE.
FOR THE TIME YOU USE IT.
National Bank & Trust
Company of Ann Arbor
NT Sfreple interest Loans Available Only At NBT Offices:
tMami W!ashgtutv Witua a ti m pswrns Stium a PaCkard WrStute Shoprvg center c Washt-nw aic sSieri'Blvd e Arboriandihoppmr crg Cer a brarwod Mai
1156 Broadway r Plymouth avnd Grcn Roads* E Huron R vr Dr -- at Clark Road v M an 9 Wabasri nd t rMvin. Or Call 995-8121

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