Personal Finance & Money Asked by ridethedebt on February 23, 2021
I have a small personal loan ($3000 remaining).
The current interest is about 15% (per year???, charged monthly) but I also have to pay a monthly service fee ($10).
My current weekly repayments are set to what I chose at the start of the loan, and at this rate it will take about another year to fully repay the loan.
I want to repay my loan by a certain date (April 30th 2020), and I want to know how much my repayment needs to be to pay it back by that date.
I’ve tried some loan calculator websites, but I haven’t found one that allows me to enter the monthly service fee ($10) into the calculation.
How can I calculate it (what is the formula? or where can I find a personal loan calculator that can do it for me?), and what does my weekly repayment need to be to pay back by that date?
I know there are some other factors such as these:
But I’m happy to ignore them because it’s such a low amount and I’m just looking for a ballpark weekly repayment amount to pay it back within about 4 months
If you have Excel or LibreOffice Calc, use the =PMT() function. I calculate that your five (starting this month!!) monthly payments -- including the $10 fee -- to be $632.69
.
By starting in January, there are four payments, so your monthly amount would be $783.58
.
Answered by RonJohn on February 23, 2021
Calculating the EMI amount for a personal loan is a complicated procedure involving multiple variables. It can be troublesome to compute for individuals who are not well acquainted with the minute details of EMI calculation.
A personal loan calculator here can be immensely helpful in such situations. The best way to calculate and determine EMIs is by using a personal loan EMI calculator. You can plan your repayment strategy beforehand thereby saving time/money that could be otherwise be used productively.
Answered by Apsar Hussain on February 23, 2021
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