In modern times, you often have to take out loans. The concept of "loan at interest" implies certain conditions for the return of money and interest for the use of this money. All these conditions are stipulated in the loan agreement (loan agreement). This agreement is usually accompanied by a debt repayment schedule drawn up in accordance with the conditions prescribed in the loan agreement (loan agreement). If for some reason there is no such schedule, or money is borrowed between individuals, then the debt repayment schedule can be drawn up independently.
It is necessary
- - credit agreement (loan agreement);
- - paper;
- - a pen;
- - calculator;
- - the calendar.
Instructions
Step 1
If, according to the terms of the loan, the borrowed funds must be paid in equal installments on a monthly basis simultaneously with the interest on the use of the money, then the debt repayment schedule is drawn up as follows.
Make a table with a header from the following columns:
1) number in order
2) loan amount - the balance of the principal debt
3) the number of days in the current month
4) the amount of repayment of the main part of the debt
5) the amount of interest for the current period
6) the amount of the monthly payment (column 4 plus column 5).
Do the number of lines in this table in accordance with the loan term (number of months).
Step 2
Divide the loan amount by the number of months that make up the loan term. The received amount will be a monthly payment on the principal debt. Enter this amount in column 4 of your table on each row.
In column 2 (loan amount - the balance of the principal debt), in each subsequent row of the table, enter an amount equal to the amount of the previous row of this column minus the amount of the monthly payment on the principal debt.
Step 3
The interest rate is usually the annual rate. Thus, when calculating the amount of interest for the current period (month), take the amount of the principal debt, multiply by the interest rate in shares (for example, the rate is 20% per annum, so for calculations you take 0, 20). Divide the resulting number by the number of days in the current year (365 or 366 days). Then multiply by the number of days in the current (reporting) month. The total amount will be the percentage for the use of borrowed money for the current month. When calculating the interest for the following months, deduct the amount of payment of part of the principal from the principal amount. Calculate the percentage already from the amount of the balance of the principal debt. Thus, calculate the amount of interest for each month until the end of the loan term.
Step 4
To calculate the monthly payment, add the amount of the principal and the interest for the current month. Similarly, calculate the amount of the monthly payment for each row of the table (for each month).
The completed table will be the debt repayment schedule.
