Weekly Compounding Amortizing Loan The Next CEO of Stack OverflowLoan Repayment and AnnuitiesCalculate repayments amount on loanannual and effective annual interest rateAnnuity and Loan Repayment Question. Show the amount of Loan.Outstanding balance and amount of interestRepayment of a loan with non level annual paymentsOutstanding loan balanceHow can I calculate maximum Loan amount?Loan repayment, finding $n$Difference between monthly loan payment formula and compound interest formula
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Weekly Compounding Amortizing Loan
The Next CEO of Stack OverflowLoan Repayment and AnnuitiesCalculate repayments amount on loanannual and effective annual interest rateAnnuity and Loan Repayment Question. Show the amount of Loan.Outstanding balance and amount of interestRepayment of a loan with non level annual paymentsOutstanding loan balanceHow can I calculate maximum Loan amount?Loan repayment, finding $n$Difference between monthly loan payment formula and compound interest formula
$begingroup$
I'm trying to understand the example stated on the Fundbox 'How It Works' site and calc the compounded annual rate.
The site is here.
The data they provide is:
$1000 loan
12 week term
4.66% rate
First "fee" (aka interest payment) = $3.88
Weekly repayment $87.22
So $1000 * 4.66% / 12 = 3.88 interest due in week 1 (so the principal repayment = 83.34)
I've tried to calculate the simple annual rate by 3.88*52/1000 = 20.19%.
Then I tried to calc the compounded annual rate by (1+0.2019/52)^52 - 1 = 22.33%.
Is this the right approach?
EDIT:
I noticed that I quickly got a downvote. It would be helpful if downvotes could be accompanied with a reason.
finance
edited Mar 28 at 14:54
callculus
18.6k31428
asked Mar 28 at 2:11
mchacmchac
61
New contributor
mchac is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
$endgroup$
add a comment |
$begingroup$
I'm trying to understand the example stated on the Fundbox 'How It Works' site and calc the compounded annual rate.
The site is here.
The data they provide is:
$1000 loan
12 week term
4.66% rate
First "fee" (aka interest payment) = $3.88
Weekly repayment $87.22
So $1000 * 4.66% / 12 = 3.88 interest due in week 1 (so the principal repayment = 83.34)
I've tried to calculate the simple annual rate by 3.88*52/1000 = 20.19%.
Then I tried to calc the compounded annual rate by (1+0.2019/52)^52 - 1 = 22.33%.
Is this the right approach?
EDIT:
I noticed that I quickly got a downvote. It would be helpful if downvotes could be accompanied with a reason.
finance
edited Mar 28 at 14:54
callculus
18.6k31428
asked Mar 28 at 2:11
mchacmchac
61
New contributor
mchac is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
$endgroup$
add a comment |
$begingroup$
I'm trying to understand the example stated on the Fundbox 'How It Works' site and calc the compounded annual rate.
The site is here.
The data they provide is:
$1000 loan
12 week term
4.66% rate
First "fee" (aka interest payment) = $3.88
Weekly repayment $87.22
So $1000 * 4.66% / 12 = 3.88 interest due in week 1 (so the principal repayment = 83.34)
I've tried to calculate the simple annual rate by 3.88*52/1000 = 20.19%.
Then I tried to calc the compounded annual rate by (1+0.2019/52)^52 - 1 = 22.33%.
Is this the right approach?
EDIT:
I noticed that I quickly got a downvote. It would be helpful if downvotes could be accompanied with a reason.
finance
edited Mar 28 at 14:54
callculus
18.6k31428
asked Mar 28 at 2:11
mchacmchac
61
New contributor
mchac is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
$endgroup$
I'm trying to understand the example stated on the Fundbox 'How It Works' site and calc the compounded annual rate.
The site is here.
The data they provide is:
$1000 loan
12 week term
4.66% rate
First "fee" (aka interest payment) = $3.88
Weekly repayment $87.22
So $1000 * 4.66% / 12 = 3.88 interest due in week 1 (so the principal repayment = 83.34)
I've tried to calculate the simple annual rate by 3.88*52/1000 = 20.19%.
Then I tried to calc the compounded annual rate by (1+0.2019/52)^52 - 1 = 22.33%.
Is this the right approach?
EDIT:
I noticed that I quickly got a downvote. It would be helpful if downvotes could be accompanied with a reason.
finance
finance
edited Mar 28 at 14:54
callculus
18.6k31428
asked Mar 28 at 2:11
mchacmchac
61
New contributor
mchac is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
edited Mar 28 at 14:54
callculus
18.6k31428
asked Mar 28 at 2:11
mchacmchac
61
New contributor
mchac is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
edited Mar 28 at 14:54
callculus
18.6k31428
edited Mar 28 at 14:54
callculus
18.6k31428
edited Mar 28 at 14:54
callculus
18.6k31428
18.6k31428
asked Mar 28 at 2:11
mchacmchac
61
New contributor
mchac is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked Mar 28 at 2:11
mchacmchac
61
asked Mar 28 at 2:11
mchacmchac
61
61
New contributor
mchac is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
mchac is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
mchac is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
add a comment |
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