Weekly Loan repayments

Hello,

Please help me!

I am going to borrow $50,000 and repay over 208 weeks. This loan has a 7.97% reducible rate.

How much is my weekly repayment?

If you could show me the working out that'd be great.

Thanks,

Davies2209 davies2209 (Tue 01:22 30/Jun/09)

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Answers 1 to 3 of 3

factor30		(Tue 08:48 30/Jun/09) Just type Loan Repayment Calculator into Google. A rough calculation is that average outstanding balance over the 4 year loan term will be $25,000. At an interest rate of 8% pa for 4 years the overall interest repayment will be: $25000 x0.0797 x 4 years= �7970 Add on the $50000 loan Total to repay = $57970 Weekly repayment over 208 weeks= $57970/208 = $278.70 Likely to be right to within a couple of dollars per month
cazzz1975		(Tue 20:37 30/Jun/09) shouldnt you work all this out before you accept the loan?
dr b		(Tue 20:43 30/Jun/09) Sounds more like a homework question than a personal finance question. Convert your annual interest rate into a weekly rate: 0.0797/52. Find the present value factor for an annuity for 208 weeks at that rate. Divide the loan amount by that number. Chuck's rough calculation is indeed close.

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