How Are The Credits Calculated?
Let’s assume that you get a 100 TL loan with 12 months maturity at 1% interest per month. Your monthly installments are calculated as TL 8,88.
One month after you receive the loan, you will be owed 1 TL interest of 100 TL. The first installment fee of TL 8,88 will be paid as 1 TL. The remaining TL 7.88 is deducted from your debt. Therefore, when you make the first payment 100 – 7,88 = 92,12 TL remains your debt.
In the second installment, you will incur interest of 0,92 TL which is 1% of 92,12. The second installment fee is paid as 0,92% of the TL 8,88. The remaining TL 7.96 is deducted from your debt. Your remaining debt is 92,12 – 7,96 = 84,16 TL.
The most common and easiest to calculate is the pay-as-you-go spreadsheet. The loan amount, the interest rate and the installment amount to be calculated because the maturity is known.
Loan Interest Calculation Formula
‘Interest’ value to be used in the form is not the interest percentage but the interest rate. For example, if the monthly interest rate is 1%, it should be 0,01 in form and 0,0079 in 0,79%. If the payments are made every three months instead of once a month, the rate to be used must be three months simple interest, that is, three times the given monthly rate.