Argentina’s central bank hikes interest rate to 133%
(www.reuters.com)
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…aaaaand why isn’t that $1330. in interest?…
Because you pay down the principal starting the very first month, so you won't pay 133% on the full balance for the full year.
In the second month, the balance is even less, and so on...
Interest on loans is compounded. You calculated simple interest which is not done in business. The attached link is the method used for calculating monthly payments, total interest, and total payments on any loan, whether it’s a car loan, mortgage, and any business loans.
You forgot the link.
It’s right below my comment.