# Whatis1.5 percent interest on\$6,300.0o pr annum

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### Brett Duxbury

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Depends on how often you pay off principle and how much dollars.
and how often you are charged interest.
fv=pv*(1+interest rate)^n n being the term of interest
so lets assume you pay zero off it and interest is calculated daily
fv=6300*(1+0.015/365)^365
interest = fv - pv
= 95.21 for one year without repayment
if you were to pay approx 25.15 a week you would pay this loan in 5 years time and pay approx \$240 in total interest over five years
EXCLUDING future interest rate increases over the five years and excluding bank fees like account fees or account manage fee or setup a loan fee.
You could create a spreadsheet each day and calculate the interest as annual interest / 365 for the daily calculation
Then add the account fee onto the balance calc + any set up fee onto the start balance. by using =a\$5 for the repayment on all rows as an example you can copy it down and the cell number will always be a\$5
this way you can alter a5 and the repayment alters all the way down each week row.
https://templates.office.com/en-us/Loan-amortization-schedule-TM10073881

Posted on Jan 19, 2018

### Anonymous

First year: 5% from 980£ is 49. So after the first year you have 980+49=1029
Second year: 5% from 1029£ is 51,45. So after the second year you will have 1029+51,45=1080,45
Third year: 5% from 1080,45 is 54,02. So after the second year you will have 1080,45+54,02=1134,47.
In three years you have 154,47=54,02+51,45+49

Posted on May 16, 2010

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