Calculate Your Savings
Many financial microloan experts encourage people to save money as a way of building a safety net or saving toward tangible goals, such as a home down payment. A key factor in determining your savings growth is the interest rate that your account earns. You can enter this rate into the calculator to see how much your initial deposit and any future contributions will grow. You can also choose whether your account compounds interest daily, monthly, quarterly or annually.
As you play around with the different factors, you’ll see how even consistent investments over a period of time can help you accumulate wealth. This tool can be especially useful for 소액대출 institutions that use manual systems to calculate and pay interest on savings. It can be helpful to show clients how their recurring deposits will grow over time and help them understand the role that compound interest plays in boosting their returns.
Calculate Your Microloan Interest Rate
The interest rate is the amount paid by a borrower for the use of the lender’s money. It is usually expressed in terms of a monthly percentage. To calculate the interest on a loan, divide the principal by the term of the loan and multiply by the monthly rate of interest. The result will be the EMI (Equated Monthly Instalment).
Microfinance institutions often pay interest on savings, but not all of them do so. In addition, many do not keep track of the actual costs and rates that their clients face because they operate with manual systems. Using this calculator, MFIs can make the calculations that they need to inform their clients about the interest they will earn on their savings and loans. This tool is especially useful for those MFIs that do not automatically calculate interest on savings or fees and thus must manually maintain general and subsidiary ledgers.
Calculate Your Total Payment
If you’re considering taking out a loan, it’s important to understand what your monthly payments will be. This is known as your Equated Monthly Instalment (EMI). To calculate your EMI, you’ll need to know the Loan Amount that you wish to borrow and the Annual Interest Rate that will be charged by your lender. Once you’ve entered these numbers, hit Calculate to determine your Monthly Payment amount and the Total Months of repayment. Regardless of your specific savings goal, using a 적금계산기 can help you better plan for how much to save and how long it will take to reach your target. You’ll also be able to see your Total Payment displayed in a pie chart that shows how much of each payment is allocated toward principal and interest. Finally, if you’re able to pay extra each month, you can reduce the overall cost of your loan by paying down the principal faster. This will also help you avoid late fees or prepayment penalties.
The Bottom Lines
Many microfinance institutions are becoming computerized, with automatic calculation of interest on savings. However, some institutions still maintain general and subsidiary ledgers manually. This tool is designed to help those institutions calculate the interest rate earned on passbook savings and term deposits.
