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My daughter has been offered a loan from her solicitor to cover the costs of disbursements going forward throughout the case which could last for 2 years (or less)It is 4% on a daily basis. (he has mentioned 25p a day) if the payments are as follows what would she pay in interest at the end please, because we do not understand '' on a daily basis '' although he has tried to explain we would rather have your opinion. thank you.Hypothetical example:Amounts: £3000 now then £4000 in 3 months total now £7000 then £3000 in 6 months total now £10000 and then 5000 in 1 year total now £15000 and duration 19 monthsThank you
In the example what is the interest she would pay over term i have given to give some idea whether it is a good proposal from her solicitor.