Loan Repayment Investigation SAMPLE 1

Loan Repayment Investigation

SAMPLE 1

Task 1: Personal Loan Calculator

https ://www .personal/personal-loans/repayments calculator/

Complete the following table using the above calculator link. Set the interest rate to 'variable'. Record the personal loan variable interest rate: -L.,...:......;..

$10 000 $20 000 What does variable interest rate mean?

What

I

is

(

the

total

.inte:est

that

you

pay

the

bank?

'

Compare

I

this

to

your

amount

JJorrowed.

How much more does it cost you to tak() out the $10000 loan over 5 years with fortnightly repayments?

How

much

more

9oes

it

\o;,t1yp,, urt?'

take

out

a

$20p001oan

'/

over

5 years

(1,

i?stead t,

of

3?

J

Task 2: Personal Loan - Monthly Repayments over 25 Years

Personal loans are only given for short terms, to get a loan over 25 years, we will have to use the home loan calculator. calculators/loan-repayments-calculator?ps kwcid=p856l407457

Enter the loan amount, enter interest rate from above by clicking on "choose your own rate" and set loan term to 25 years, and then click on monthly. Do NOT change the loan type! Leave it as is.

Enter the 'total interest payable' amount into the table below. E.g $52226 in the example shown.

Loan

12%

13%

$10 000

$30 000

$50 000

Personal Business About us Small Busmess

LOAN REPAYMENT CALCULATOR

Find out yourestimated home lo.an repay ments as well as ways to pay offyour home loan faster. This calculator can also be used to generate a Key Facts Sheet.

Vit:1?: ilssumptions i!lbO'.!tthis c;;lculator (D

Loan

loan amount

$0

Loan term 30years

Repayment type Principal & interest

Interest only

Is this loan for residential investment purposes? 0

Yes

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