This is 1176 percent per year. And in just 2-3 years the apartment of a pensioner will become the property of the bank even for a loan of 10 trillion.

Funny in the calculator? This will be 252% per year.

Stop roaring over the child, who is just 0.7 by 360 multiplies (why not 365 - this is also a question), he still in school to learn, and then live somehow with this"... Better explain to him that the percentage of the loan count each established period (day / month / year) from the current amount of debt, which in this example increases EVERY day by 0.7%.
A man will disappear... He will enter a mortgage, or what an ugliness... Per he would like to study, but the adult uncles are just roaring over him.