"A Progressive Community Credit Union"
 Click for Home |
| About Desco |
|
Membership Applications & Forms Membership Services Branch Locations History of Desco Recent Financial Reports Contact Us |
| Savings & Checking |
|
Interest Rates Savings Accounts Certificates of Deposit Individual Retirement Accounts Checking Accounts |
| Loan Accounts |
|
Current Loan Rates Real Estate Home Loan Site Mobile Homes Cars & Trucks Student Loan Center Other Loans Public Sale Information |
| Card Services |
|
VISA Credit Cards ATM/Debit Cards Gift Cards |
| Business Services |
|
Checking Accounts Business Loans |
| Internet Services - MITAS |
|
About MITAS Enroll in MITAS Login to MITAS Bill Paying Services Desco Security Site |
| Financial Planning |
|
Investments Insurance Financial Counseling |
| Loans for all Purposes |
|
HOW INTEREST ON LOANS IS CALCULATED All of our loans are on a promissory note that bears "simple interest". When you make a payment on your loan, interest is calculated by counting the number of days since your last "principal" payment and multiplying that number by your daily interest factor on the balance outstanding (amount owing prior to receiving the current payment). The resulting figure is the amount of interest you owe, and it is subtracted from the total amount you are paying. The remaining amount is used to reduce your principal balance. The following example should help: Balance of loan prior to receiving payment - $1,000.00 Payment made - $100 Number of days since last principal balance payment – 37 Daily interest factor ($1,000 x 13% /365) = $.35 Amount of interest owed (37 days x $.35) = $12.95 Amount of principal paid ($100 - $12.95) = $87.05 Balance after payment ($1,000 - $87.05) = $912.95 Also remember that there is never a penalty for paying a loan off early. As a matter of fact, we encourage it – it saves you interest! |
| Loan Calculator |
(Loan Calculator will show in a new browser window. After computing your loan payment, you can close that window to see this page.) |
| Current Events and Special Promotions |
|
Visit Desco For You
|