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
Would you like a Choice Package? 8uod:e'f'J-lH b.Jnkir1g:n -i. ,orwo:nieia P"-cbgefo! g:re.iit dhtc-wr,t!; i;. ber,fits. Armu ................
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