If the information you gave is correct, this is a very "clean" program, but it is rare to see equipment for such a small amount.
Often the "clean" financing programs tend to be done for very well qualified customers, and the projects tend to be very large.
So I would also be interested to know if you were charged any deposits, fees, and other charges.
If we're talking about the terms you've provided, then your actual borrowing rate for 3 years, is 7%, no questions asked.
At the same time, you mentioned a sentence that I would diverge on second thought:
"The interest rate of 7% per annum on a loan of $10 million principal remains unchanged regardless of the amount of principal that has been repaid."
May I ask if it is just the interest rate that remains the same, or just the annual interest payment on the principal?
If the interest part of the annual payment remains unchanged, and the principal is amortized over 36 months, then this program is more interesting, and the actual IRR is:
12.828%
If there are still any questions, you are welcome to use WeChat to search for the public *** platform: financial leasing Q&A and exchange platform
Or directly open WeChat, click on the top right corner of the Magic Wand, select Sweep, and then sweep the QR code below the surface can be.