The annual effective interest rate is calculated as per the following formula: where
A – loan principal n – sequence number of the repayment N – sequence number of the last repayment Kn – amount of the “n” repayment Dn – number of days from the disbursement date up to the date of the “n” payment The annual percentage rate “i” may be calculated, if the other data of the equation are available from the loan agreement or another source. |
Example 1: Consumer loan terms: Allocated amount - 600,000 AMD Nominal Annual Interest Rate (fixed) - 22% on outstanding loan balance Term - 24 months or 730 days Repayment Method - Equal monthly repayments (annuity). Loan Disbursement Fee - 6,000 AMD Withdrawal Fee - 1,800 AMD Monthly Service fee - 3,000 AMD Start Date - February 12, 2019 First Payment Date - March 12, 2019 Annual Percentage Rate - 39% |
Example 2: Car loan terms: The cost of the car - 4,950,000 AMD Allocated amount - 3,300,000 AMD Nominal Annual Interest Rate (fixed) - 18% on calculated loan balance Term - 60 months or 1825 days Repayment Method - Equal monthly repayments (annuity). Evaluation fee - 7,000 AMD Traffic Police registration fee - AMD 2,000, CASCO insurance - 123,750 AMD Loan Disbursement Fee - AMD 10,000, Withdrawal Fee - 9,900 AMD, Monthly Service Fee - 500 AMD Start Date: February 15, 2019 First Payment Date - March 15, 2019 Annual effective interest rate - 33.29% |
Էջը թարմացվել է 17.02.2020թ.