2SE CREDITBOX
Example Loan Breakdown
If you take a loan of GHC8,000 for 182 days with a daily interest rate of
0.06%, here's how the repayment structure
looks:
* Total Interest: 8,000 * 0.06% *182=GHC873.6
* Service Fee: 8,000 * 3% = GHC240
* Monthly Interest: 8,000*0.06% * 31 = GHC148.8
* Monthly Repayment: (8,000 / 6)+(873.6 / 6) = GHC1,478.93
* Total Repayment: 8,000+873.6 = GHC8,873.6
* APR:27.84%