You will need

- Calculator loan agreement

Instruction

1

At the conclusion of the contract

**of the loan**make sure that the question of payment of interest was clearly spelled out in the document. Unlike a loan, the loan can be granted on a free basis. But in this case such a condition should be expressly stated in the contract. If you are going to receive from the borrower*interest*, specify in the contract**of loan**, their amount and procedure of payment.2

Interest on

**the contract****loan**may be denominated in cash or in kind. If you prefer the natural form of the payout will reflect this when drawing up the contract.3

With the participation of a second party involved in the transaction, calculate

*interest*on a loan, based on the terms of the contract. To do this, define the following indicators: amount**of the loan**, which accrued*interest*; the interest rate (monthly or annual); the dates on which the borrower will pay*the percentage*; number of calendar days in the period for which accrued*interest*.4

Consider the calculation of the number of days in the year (365 or 366) in a specific month (30, 31, 28, 29 days). Interest is charged from the day that follows the day of granting

**the loan**and on the day that you will return the principal amount (inclusive).5

Determine the amount of interest on the loan obtained by the following formula:Interest = Amount

**of loan**x Annual interest rate : 365 (366) days x the Number of days in the period for which accrued*interest*.6

If the interest rate on the loan is not directly specified in the contract, in this formula instead the substitute rate of refinancing established by the Central Bank on the payment date, example:Amount

The number of days

Central Bank's refinancing rate to 8.25%.The calculation will look like this:

10000 (rubles) : 365 (days per year) x 60 (days

**of loan**- 10000 rubles.The number of days

**of the loan**- 60.Central Bank's refinancing rate to 8.25%.The calculation will look like this:

10000 (rubles) : 365 (days per year) x 60 (days

**of the loan**) x 8,25% (the refinancing rate) = 135 R. 61 kopecks (the interest amount).