On the other hand, should the borrower choose to refinance the loan at term, the charges will be reassessed and added to the newly funded term. If the borrower continues this cycle of refinancing, the charges associated with the loan will add up quickly. The borrower at this point is essentially paying the charges on the loan only, and not making any payment toward the principal amount. Should the borrower continue to refinance the same loan amount for one year's time at a 400% annual percentage rate, the borrower will have paid the lender the total amount financed four times that year in associated fees only.
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