You will need
- scientific calculator, pencil and sheet of paper
Instruction
1
The most common in the practice of lending to small businesses and individuals is the annuity payment. It is this payment that is the same for the whole duration of the credit agreement.
The annuity payment consists of 2 parts: credit and interest. During the term of the loan their mutual ratio changes. At the beginning of the Deposit is dominated by the interest at the end of the major share of the credit.
Calculate payments of a loan according to the following formula:
P = C × (i × (1 + i)^n) / ((1 + i)^n - 1)
P is the value of the payment
With the loan amount
i is the interest rate
n – number of periods of compounding
The annuity payment consists of 2 parts: credit and interest. During the term of the loan their mutual ratio changes. At the beginning of the Deposit is dominated by the interest at the end of the major share of the credit.
Calculate payments of a loan according to the following formula:
P = C × (i × (1 + i)^n) / ((1 + i)^n - 1)
P is the value of the payment
With the loan amount
i is the interest rate
n – number of periods of compounding
2
Calculate loan payment 150, 000 rubles, taken for 60 months at 21% per annum.
Important point. The interest rate i is calculated based on the number of times of calculation of interest. In our example, the loan term is 60 months and the interest rate 21% per annum. For use in the calculation, we recalculated the annual rate monthly: 21 / 12 = 1.75 in. And transferred it to decimal, i.e. 0,0175.
Substitute values into the formula:
P = 150000 × 0,0175 × (1 + 0,0175)^60 / ((1 + 0,0175)^60 - 1)
Get the monthly payment:
N = 4'058,00 (RUB)
Important point. The interest rate i is calculated based on the number of times of calculation of interest. In our example, the loan term is 60 months and the interest rate 21% per annum. For use in the calculation, we recalculated the annual rate monthly: 21 / 12 = 1.75 in. And transferred it to decimal, i.e. 0,0175.
Substitute values into the formula:
P = 150000 × 0,0175 × (1 + 0,0175)^60 / ((1 + 0,0175)^60 - 1)
Get the monthly payment:
N = 4'058,00 (RUB)
3
But at the conclusion of the loan agreement payment schedule amount on specific days. Therefore, for accurate calculation of payments annual percentage rate transferred in the daytime that is divided into 365 days. In this case, accordingly, increases the number of interest periods, i.e. the value of n.
The difference when used in the calculation of monthly and daily interest rates there, but not much. Usually it ranges from several tens of rubles in the amount of the payment.
If you are well versed in Excel, it is possible to build a similar Bank payment schedule in which to calculate the payments up to date. Do not forget the main rule of crediting: interest is charged on the remaining amount of the debt. Thus, you will know exactly how much to overpay money for the loan and easily calculate the hidden commissions, if any.
The difference when used in the calculation of monthly and daily interest rates there, but not much. Usually it ranges from several tens of rubles in the amount of the payment.
If you are well versed in Excel, it is possible to build a similar Bank payment schedule in which to calculate the payments up to date. Do not forget the main rule of crediting: interest is charged on the remaining amount of the debt. Thus, you will know exactly how much to overpay money for the loan and easily calculate the hidden commissions, if any.