Instruction
1
Please read carefully the agreement on the loan, see what amount you have taken. This value write down on a piece of paper. Look at what amount along with the interest you need to repay the Bank money, and also write down on paper is a numerical value.
2
Check the period of the loan specified in the contract or payment schedule. To calculate annual interest rate on the loan subtract the amount of borrowed cash of all sums, including interest. Divide the resulting value by the term of the loan, multiplying by 100%. So you will get the annual interest rate on the loan.
3
Try to calculate the annual interest rate on the loan otherwise. Add up all the values of the loan payments, taken from the graph. For convenience, create the table by adding the existing values. Add the amount of the fee if it was paid, for example, upon receipt of cash. In that case, if you took out a loan on settlement, the amount received also need to add the cost of annual servicing of the card. Multiply the resulting amount by the interest rate specified in your contract for the loan.
4
Divide the result by the term of the loan, multiplying by 100%. Do not be afraid of large interest: they imply the so-called "effective" interest rate on the loan. It is the percentage required by the Bank in exchange for the use of borrowed funds.
5
Consider also the fact that the contract for the loan, you could activate the insurance service. In this case, the contract must be specified additional percentage of her payment. Read the white paper as closely as possible and carefully study the information written in small print.