How to make a debt repayment schedule

Now very often people take loans and loans. After all, it is convenient to get a big amount immediately and pay it later by its parts, a little overpaying for use. It is important to repay the debt on time, since a fine is provided for late making money. All conditions and interest rates are necessarily prescribed in the contract. Together with him should be a schedule for repayment of debt. And if for some reason it is not attached to the contract or in case of loss, it is not difficult to calculate it alone.

If, by condition a contract, funds should be paid equal to equal parts and at the same time the interest rate does not change - then the schedule will be easier than simple. It is necessary to make a table where the monthly payment fit, having previously calculated it. The date of repayment should be taken into account, which does not coincide with the beginning or end of the month. Cover the debt is better for 3-5 days, as sometimes money on the account comes with a delay. Before you make a table, you need to calculate the exact amount of repayment.

The entire amount of the loan is divided for a term (that is, the number of months during which the debt needs to be repayed). If there was an initial contribution, it takes away from the total amount and only then the monthly payment is calculated.

Most often, the interest rate is a bet in annual. To calculate the amount of percent for a month, you need to take the amount of the principal debt and multiply to the interest rate in fractions. For example, if the bet is 10%, then you must multiply by 0.10. The number that will work out is divided by the number of days a year. The resulting number is multiplied by the number of days in the current month. This is the percentage in a month, which must be taken into account when drawing up the schedule. For each subsequent month, the interest rate is calculated from the balance of the principal debt.

Monthly payment is the amount of repayment for a month plus interest rate. The data is entered in the table. In case of early repayment of part of the debt, all payments are recalculated on the same scheme. When paying the latter, you must call the bank or on the hot line to find out the exact amount. Otherwise, even percentages will be accrued for the remaining pennies, and for late payment there may be a fine. In such cases, a decent amount comes even without the client's knowledge.

Calculate the debt repayment schedule is not so difficult. The main thing is to carefully read in the terms of the contract, make a simple table and repay the necessary monthly amount in time.