College loan APR fixed rate 8%. Yet monthly 1/3 (33%) goes to interest, or weekly 1/5 (20%). Why not 1/12,8%?
I just think each payment, if not late, with no outstanding late fees or penalties, should only have 8% of it going to interest and 92% going to principal. What do I have to do, make Daily Payments to only pay 8% interest? If so, then when I save at 5%, shouldn't I be getting more than 5% APR, or do they add it, Daily, like making Daily payments to your savings account, so they pay you the absolute Minimum interest?