The Real Cost of Borrowing Money
"Once, when my mother mentioned an amount and I realized I didn't understand, she had to explain, 'that's like three Mercedes.' Then I understood." — Brooke Shields
The final cost of borrowing money often involves much more than just the interest rate. A variety of other monetary and nonmonetary costs should be considered in determining the real cost of borrowing. For example, a loan that requires you to maintain certain financial ratios may be unrealistic for your particular business. Your checklist for reviewing the costs of a bank loan should include:
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