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something is wrong with repayments calculator in personal loan ?

Posted by eleq92 eleq92
Message 1 of 4 407 Views

Hello

 

In next month im preparing to take a personal loan about 5000 $ for my grandmother in Poland that needs surgery.

So if i want to choose unsecured personal loan (loan term for 3 years) and face 11.99 % (P.A) per year of 5000 $ it's 599.5 x 3 becouse loan is for 3 years so it's 1798.50 $ total interest payable so overall 6798.50 $ 

Not total interest payable 978 $ over 3 years overall 5978 $ like calculator shows.

 

Can someone explain me why is huge difference ? I'm counting 3 times 11.99 % of 5000 $ 

 

Regards, Dominik

 
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Re: something is wrong with repayments calculator in personal loan ?

Posted by eleq92 eleq92
Message 2 of 4 404 Views

I want to add its same with flexible personal loan term 1 year

 

14.49 % of 5000 $ it's 724.50 $ total interest payable not 401 $ like calculator shows

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Re: something is wrong with repayments calculator in personal loan ?

Posted by LyndsC LyndsC
Message 3 of 4 362 Views

Hi @eleq92, the interest amount payable will actually decrease each month as payments are made, so you will only pay interest on the remaining balance of the loan each month which is why the amount shown on our calculators would be less than the amount you have calculated on the total amount.

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Re: something is wrong with repayments calculator in personal loan ?

Posted by eleq92 eleq92
Message 4 of 4 359 Views

Thank you for response Smiley LOL

 

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