How to calculate interest compounding daily on principal that reduces with regular repayments?

repayments

Jon B asked:

if i have a personal overdraft of $5000, how much interest will i be paying each day at 13.99%p.a?

and how much interest would i pay in total until the balance is reduced to $0 if i make repayments of $90/wk.?

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2 comments to How to calculate interest compounding daily on principal that reduces with regular repayments?

Susi C

August 3rd, 2008 at 6:24 pm

Daily interest without amortization would be about $1.94

Total interest would be approx $480 if amortized monthly (16 monthly payments of $360)
Steve R

August 5th, 2008 at 8:17 pm

Go to bankrate.com in the calculators section to find out.

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