Example of online loan calculations

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If you take out a loan for 30.000 PhP at 4.5% monthly interest for 3 months, you will pay 4050 PhP extra by the loan due date. So, you will, in fact, pay 34.050 PhP. See below for calculations of interests, so that you can figure out the amount of repayment (including interest) for average service users. Loan amount – 30.000 PhP, monthly interest – 4.5%, loan term – 3 months. 4.5(%) * 3(months) = 13.5% for the 3 months (13.5% * 30.000 PhP (loan amount))/100% = 4.050 PhP (accrued interest) 30.000 PhP + 4.050 PhP = 34.050 PhP is the amount payable in three months. In the event of overdue payment, the penalty is 0.10% of the amount daily, but not to exceed 10% of the loan amount. In the event that the payment is substantially overdue, information will be submitted to a credit rating agency. A loan extension may be granted if the creditor is informed in a timely manner (prior to the due date of the loan) and interest is paid for the initial loan period. There are no additional fees for a loan extension.

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mr.cash loan Asked question December 11, 2022