Instruction

1

In order to calculate the

**interest****Bank**, you can use a special program "loan calculator", which, as a rule, must be presented on the websites of all major banks of Russia. In this calculator, there are graphs. There enter values: loan amount, interest rate**Bank**and the loan term. After that, you will instantly receive the result, which will show how much money is needed to pay on the loan and the payment that you will need to make monthly.2

You can calculate

**the percent****of the Bank**independently. To do this, take a pen and a piece of paper. Write the amount of loan money and multiply it by the amount of the interest over the loan term. To the number add one. Then divide the resulting value by 24. Then what you get, and multiply by 100 percent.3

Banks entice people of different promotional offers to buy any product on credit at favourable terms. However, a detailed consideration of the proposed variant, in fact it may be that all proposals are significantly different from promotional moves.

4

The customer to choose the Bank, which has a small rate of interest is quite clear. One Bank might offer a rate of 10.5%, and the second to 12.5%, but the first

**Bank**has a one-time fee, which is 1% of the loan amount, and a monthly Commission at the rate of 0.1%. The second Bank may not have any fees, but it is necessary to make a single payment in the amount of $ 100. Having considered these two proposals, it turns out that the costs of the loan more, whose interest rate is lower, but a lot more payments.5

Not to get into such a situation, it is necessary to calculate what costs are waiting for you actually. To do this, fold down the interest rate with all additional fees, then you will be able to get a real "effective" interest rate.