In order to know how to calculate the bank's interest on loans and credits, you need to compare three values: the amount of money you are borrowing, the period for which you are going to take it, and the value of the interest rate. By comparing them, you can calculate the bank's interest in full. Indeed, in each bank, not only can there be different interest rates, but also the inclusion of hidden commissions on a loan.
Instructions
Step 1
In order to calculate the bank's interest, you can use a special program "loan calculator", which, as a rule, should be presented on the websites of all major banks in Russia. There are graphs in this calculator. Enter the values there: the loan amount, the bank's interest rate and the loan term. After that, you will instantly receive a result that will show how much money will need to be paid on the loan and the payment that will need to be made monthly.
Step 2
You can calculate the bank's interest yourself. To do this, take a pen and a piece of paper. Write down the amount of money to be borrowed and multiply by the amount of the interest rate with the term of the loan. Add one to the resulting number. After that, divide the resulting value by 24. Then multiply the result by 100 percent.
Step 3
Banks seduce people with various advertising offers to purchase any product on credit, offering fairly favorable conditions. However, upon a detailed examination of the proposed option, in fact, it may turn out that all proposals differ significantly from advertising moves.
Step 4
At the same time, the buyer's desire to choose the bank with a low interest rate is quite understandable. One bank can offer a rate of 10.5%, and the second 12.5%, but the first bank also has a one-time commission, which is 1% of the loan amount, as well as a monthly commission of 0.1%. The second bank may not have any commissions, but it needs to make a one-time payment of $ 100. Having calculated these two sentences, it turns out that the loan is more expensive, the interest rate is lower, but there are many different additional payments.
Step 5
In order not to get into a similar situation, you need to calculate what costs are actually waiting for you. To do this, add the interest rate with all additional payments, then you can get the real "effective" interest rate.
