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Barren791

Bank Loans

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Players can borrow money from Pacific Bank and pay it back over weekly payments.  You can have a max of 2 co-signers to raise the amount you can borrow and put up assets as well.  On assets, you can use up to half the equity against the loan.

The interest will be based off of the Bank of Canada Prime Rate + Pacific Banks Rate.  The longer the loan is will also change Pacific Banks Rate.  The max loan length is currently 24 IRL Weeks.

You will never see this, its just for the Bank Manager to track loans.

SAMPLE LOAN CALCULATION

Loan Calculator  
Loan Amount 150000
Interest 1.60%
Interest Amount $2,400.00
Loan Period 12
Interest Borrowed $28,800.00
Total Borrowed $178,800.00
Payments $14,900.00
Start Date  
   

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