ChatterBank0 min ago
Weekly Loan repayments
4 Answers
Hello,
Please help me!
I am going to borrow $50,000 and repay over 208 weeks. This loan has a 7.97% reducible rate.
How much is my weekly repayment?
If you could show me the working out that'd be great.
Thanks,
Davies2209
Please help me!
I am going to borrow $50,000 and repay over 208 weeks. This loan has a 7.97% reducible rate.
How much is my weekly repayment?
If you could show me the working out that'd be great.
Thanks,
Davies2209
Answers
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A rough calculation is that average outstanding balance over the 4 year loan term will be $25,000.
At an interest rate of 8% pa for 4 years the overall interest repayment will be:
$25000 x0.0797 x 4 years= �7970
Add on the $50000 loan
Total to repay = $57970
Weekly repayment over 208 weeks= $57970/208 = $278.70
Likely to be right to within a couple of dollars per month
A rough calculation is that average outstanding balance over the 4 year loan term will be $25,000.
At an interest rate of 8% pa for 4 years the overall interest repayment will be:
$25000 x0.0797 x 4 years= �7970
Add on the $50000 loan
Total to repay = $57970
Weekly repayment over 208 weeks= $57970/208 = $278.70
Likely to be right to within a couple of dollars per month
In case of loan, you have to know loan repayment schedule and if you don't know how to calculate, it may be a great problem so you should know it. You have taken a fixed-interest loan, but because of the interest calculation you do not know the amount you still owe. This calculator was created to help with that scenario - it will tell you the exact loan balance outstanding. I learned all of this from global finance school. http:// www.glo balfina ncescho ol.com/ calcula tor/loa n-balan ce-calc ulator
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