Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Calculate how much interest I owe on 15k loan I wish to repay?

  • 02-08-2014 9:11pm
    #1
    kala85
    Registered Users, Registered Users 2 Posts: 1,910 ✭✭✭


    I got a loan on the 4th of April 2014 for 15k. I was paying off 130e per fortnight on the loan. I intended to repay back the loan over 5 years.

    Now I have decided to pay off the loan early and I will be paying off 15k on the loan on this Friday 8th August 2014. The interest rate is 5%

    I want to work out how much interest I owe on the loan, but I want to see if the fortnightly repayments I have made up to this are having any effect on the interest.

    I have worked out on Excel that I have had the loan for 126 days and using simple interest would owe 258.90. Would this be correct or would it be lower because of the fortnightly repayments.


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    The rate you've quoted is the true APR, if you paid €130 every 14 days, the balance after 5 years would be zero.

    Every 14 days the interest applied to the outstanding balance will be 0.1873%. That rate is calculated based on 1.05 to the power of 14/365.

    On August 8th the balance will be 14,076. If it's a fixed rate there may be penalties involved in an early termination of the loan.


Advertisement