There is an understanding, shared by most Brazilian consumers, that banks are prohibited from charging interest of more than 1% (one percent) per month. In fact, the judiciary has already pacified the issue of authorizing the collection of interest in higher percentages, so there is no point in going to court to try to discuss the amount of these percentages. So it means that the banks can charge the amount that they understand well in the installments of the financing? Not really. There are other factors that contribute to the formation of a high performance, for example: COMPOUND INTEREST But what are compound interest or capitalization? Let's first learn what compound interest is. Compound interest represents the interest rate on interest. Example: suppose the existence of a capital of $ 1,000.00. On these R $ 1,000.00, we will apply an interest rate of 10% per month. In the first month we will pay interest of R $ 100.00, since 10% x R $ 1,000.00 = R $ 100.00. Thus, at the end of the month, our total balance will be R $ 1,100.00. In the following month, we will apply the 10% rate again, and it will focus on the total amount of R $ 1,100.00, obtaining interest of R $ 110.00, which in addition to the debit balance, we will have the total amount of R $ 1,210 , 00 (R $ 1,100.00 + R $ 110.00 = R $ 1,210.00). Note that in the second month, the 10% rate was related to both the principal (R $ 1,000.00) and interest of the previous month (R $ 100.00). This is called interest on compound interest or interest. It is worth mentioning that this way of calculating is very different from simple interest. Simple interest only levied on principal and never on interest. In the example above, we would have 10% focusing on R $ 1,000.00 in the first month, which would give the value of R $ 100.00. In the second month, we would have 10% focusing again on said R $ 1,000.00, which would result in another R $ 100.00. In addition, we would have a total balance of R $ 1,200.00, that is, R $ 10.00 less than in the form of compound interest. What about capitalization? Capitalizing means adding. Monthly capitalization corresponds to the frequency or periodicity with which the interest is added to the principal capital. Note that in the cited example the frequency of incorporating interest into principal is monthly, so that we apply the rate of 10% in the first month, we apply again in the second and so we would do in the subsequent months, always over the total amount ( principal + interest). Although it is not possible to discuss the value of the interest rate, we can discuss the form of calculations, that is, the use of compound interest, which is prohibited by law It may not seem so, but the exclusion of compound interest represents a very large economy for the consumer. Let us assume that you have financed the amount of R $ 25,000.00 in 60 months at a monthly interest rate of 4%. The portion calculated with the incidence of compound interest would be R $ 1,105.05. However, if we recalculate the same financing using simple interest, you would have a benefit of R $ 649.85, that is, an economy of R $ 455.20 per month, which multiplied by the number of installments, represents a total of R $ 27,311.94. Even with all that advantage, you might still wonder if it's even worth getting involved in because the lawsuit may take too long. It is true. Brazilian justice is very slow. However, the best news is that you do not have to wait until the end of the process to reduce the value of the plots. When filing the action, we ask the court to issue an injunction so that it authorizes the filing of the deposit in the uncontroversial value, that is, the lower amount calculated with simple interest, so, possibly, you will pay the correct amount immediately after action. Still, another important fact is that to get the action, it is not necessary for the financing to be "up to date". Even if you are in default it is possible to discuss the amount of the outstanding balance. All that has been explained is real and backed by the Brazilian courts. Therefore, the possibility of failure in the process is very small. Click here and calculate for yourself the correct amount of your financing. |
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