Everyone was faced with the problem of lack of money forpurchase of household appliances or furniture. Many have to borrow to paychecks. Some people prefer not to go to friends or relatives with their financial problems, but immediately go to the bank. Moreover, a huge number of credit programs are offered, which make it possible to resolve the issue of buying an expensive product on favorable terms.
What is credit?
This system of economic relations,Providing the transfer of values from one owner to another for temporary use on special terms. In the case of banks, this value is money. A person needs a certain amount, the economist assesses the client's solvency and makes a decision. If everything is in order, the necessary funds are provided for a certain period of time. For this, the client pays interest to the bank.
There is not enough money to buy a product or you needcash? It is worth taking a loan. Low interest always attracts customers. Therefore, popular financial institutions provide credit cards and cash loans on favorable terms. A formula (calculation of interest on the loan) will help you figure out how much the bank will have to pay for service.
In the case of a loan in a bank as a goodmoney comes out. For the provision of services, the client must pay a fee to a financial institution. To understand how the amount of overpayment is calculated, it is necessary to understand the following concepts:
- body of credit;
- annual interest rate.
What is the body of credit?
The amount that a person borrowed from a bank, this is the body of the loan. As payments are made, this amount is reduced. It is on the body of the loan that interest is accrued and in most cases the commission.
Let's consider an example. The client issued a credit agreement on May 1 for the amount of 20,000 rubles. A month later he made a minimum payment of 2000 rubles. Of this amount to pay off interest on the loan took 500 rubles, and 1500 rubles - to pay off the body. Thus, on June 1, the body of the loan decreased to 18,500 rubles. In the future, all interest will be charged on this amount.
The percentage that the client gives to the bank in excess ofinterest rate, this is the commission. Different financial institutions can offer different credit conditions. The commission can be charged both to the body of the loan, and to the amount that the client borrowed initially. Recently, many banks refuse the commission altogether and set only an annual interest rate.
Consider an example with a fixed commission of 0.5%. The client took a loan in the amount of 10,000 rubles. The monthly commission will amount to 50 rubles. The formula (calculation of interest on the loan) looks like this: 10 000: 100 X 0.5.
Annual interest rate
In the absence of a loan agreement commissionthe annual rate will be the basis for calculating the overpayment. Interest is always charged on the balance of the debt. The faster the client gives back the loan, the less he will have to overpay.
How much interest does the loan provide? Different banks offer their terms. It is possible to take money at a rate from 12% to 25%. Next, we will describe how the interest on the loan is calculated (formula). Example: the client took a loan in the amount of 10 000 rubles. The annual rate under the contract is 15%. On the day the customer will overpay 0.041% (15: 365). Thus, in the first month will have to pay the amount of interest in the amount of 123 rubles.
10 000: 100 x 0.041 = 4 rubles 10 kopecks - the amount of overpayment per day.
4.1 x 30 = 123 rubles / month. (provided that in the month of 30 days).
Let's consider further. The customer made the first payment of 500 rubles. The commission under the contract is absent. 123 rubles will go to interest, 377 rubles - to pay off the body. The balance of the debt will be 9623 rubles (10 000 - 377). This is the body of the loan, for which interest will be accrued in the future.
How to quickly calculate the overpayment for a loan?
A person who is far from the financial sphere,it is difficult to make any calculations. Many banks offer a loan calculator for clients, which allows you to quickly calculate the overpayment under the contract. All you need to do is enter the amount of debt on the institution's website, the expected repayment period and the annual interest rate. In a few seconds you will be able to find out the amount of overpayment.
The loan calculator is an auxiliaryA tool that allows you to roughly calculate the amount of the alleged overpayment. The data is not accurate. The amount of overpayment depends on the amount of funds that the client will make, as well as on the maturity of the loan.
What are the repayment systems for the loan?
There are two options for repaying the loan. Classic provides for the payment of a certain part of the body of the loan and the interest rate. Example: the client decided to take a loan for a year in the amount of 5000 rubles. Under the terms, the annual rate is 15%. Monthly it is necessary to pay a body of the credit at a rate of 417 rubles (5000: 12). The formula (calculation of interest on the loan) will look like this:
5000: 100 х 0,041 = 2 rubles 05 kopecks - the amount of overpayment per day.
2.05 x 30 = 61 rubles 50 kopecks (provided that in the month of 30 days) - the amount of the overpayment per month.
417 + 61.5 = 478 rubles 50 kopecks - the amount of the mandatory minimum payment.
With the classical repayment system, with each month the amount of payments decreases, as interest is charged on the balance of the debt.
Let's consider an example. The client decided to take a loan for 10 years for the amount of 100 000 rubles. The annual rate is 12%. Overpayment per day is 0.033% (12: 365). The formula (calculation of interest on the loan) will look like this:
100 000: 100 x 0.033 = 33 rubles - the amount of overpayment per day.
33 х 30 = 990 rubles - the amount of overpayment per month.
The minimum payment can be set at a rate of 2000 rubles. At the same time in the first month to pay off the body of the loan will go 1100 rubles, then this amount will decrease.
If a bank customer does not fulfill its debt obligationsthe financial institution has the right to impose a fine. The conditions must necessarily be described in the contract. A fine can be presented both in the form of a fixed amount, and in the form of an interest rate. If the contract stipulates penalties in the amount of 100 rubles, for example, the amount of the next minimum payment will not be calculated easily. You just need to add 100 rubles.
500: 100 х 5 = 25 rubles - the amount of the fine.
Until June 5, the customer will need to pay 1025 rubles (two minimum payments of 500 rubles and 25 rubles fine).
Independently calculate the interest on the loannot difficult. It is only necessary to carefully study the terms of the contract and use the formulas described above. Facilitate the task of special loan calculators, which are presented on the official websites of financial institutions. It is worth remembering that only an approximate calculation is made. The exact amount can depend on many factors, such as the period of credit, the amount of payments, etc. The less the loan term, the less the overpayment.