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Old 06-10-2007, 12:45 AM
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Default Mastro & Other auctions..why the 10% bid increments??

Posted By: Cat

Paul:

I don't have the answer but it is common terminology in loan-sharking. If you get a $1,000 loan there may be a 20% vig (interest rate). At the end of the month you would need to pay the $1,000 plus the $200 vig.

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