It is important to know this kind of data when contracting a loan from any bank or savings, that way we will know exactly how much money will have to pay monthly, and in turn how much of that money will go to pay interest and how to amortize capital.
Perhaps this information may seem silly, but many people do not know what you are paying, and what is worse, many other already duped in credit and pays a monthly fee, but see how capital Missing carryforwards not drop .
Which means that a loan has an interest rate X? In this article we will explain.
Supposed
Suppose a person takes a loan of 6000 euros, and this credit is approved and carries an interest rate of 12% annually.
That 12% means that for every year that passes, you will pay 12% of what you owe.
If we simplify it further, we can divide the 12% per year between 12 months. Thus we find that each month will pay a 1% interest on capital that remains to be paid.
Suppose that credit paid a monthly fee of 150 euros. Thus, during the first month we integrity 6000 euros, paid 150, but in fact we will only recoup 90 euros (since the 1% of 6000 euros is 60 euros).
Therefore, the following month "only" 5910 we euros (which is what comes from subtracting 6000-90).
Will pay 150 euros, and in this case the amount will go to the payment of interest shall be 1% of 5910 euros (ie 59.10 euros) and the rest will go to the payment of principal.
As you can see, as the months pass more money is used to amortize capital, or put another way, the principle of the loan most of the money to pay interest goes.
Tips to pay before the loan
The advice that you will give to finish as soon as possible with a loan are two:
First, look for a credit institution that offers you a loan with the lowest interest rate possible.
Second, try to tax payable each month is as high as possible. Do you settle on "easy installments" unless you want to be paying
Credit indefinitely, until it reaches a point where you see that take a long time and has just paying down the outstanding capital.
Without doubt, the demand for credits from us is almost essential to the lifestyle we lead. It is logical to pay a certain amount of interest at the end of the loans are given to make money, but what we must not do is fall into debt distress.
The overhang is something that can make our economy really is seriously affected, pudiéndonos to bankrupt. It is important that you study well what money you allocate to your credit, and how much of that money is intended to interest.
Create a payment plan tailored to your needs and tries each extra income you have to focus to pay debts.
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