Personal loan statement

Information about the calculator

The equipment financing simulation calculates the type of repayment required, at the requested frequency, based on the loan parameters entered: the amount, the term and the interest rate. The selected product determines the default interest rate for the personal loan. The simulation also calculates the time saved on the loan repayment and the interest savings achieved through an additional contribution from the customer. This additional contribution is only available for products compatible with early repayment. The calculations are made at the repayment frequency entered, based on the initial loan parameters: the amount, the annual interest rate and the term in years.
Basic computer instructions
Length of the month
Each month is assumed to be the same length. In reality, many loans generate daily interest, which results in a variable number of interest days depending on the number of days in the month.
The number of weeks or twenty-one weeks in a year
It is assumed that there are exactly 52 weeks, or twenty-six weeks, in a year. This implicitly assumes that there are 364 days in a year instead of the actual 365 or 366 days.

Rounding of all repayment amounts
In reality, repayments are rounded to the nearest penny. However, the calculator uses the unrounded repayment to determine the amount of interest to be paid at various points on the graph and in total over the term of the loan. This assumption results in a smooth graph and regular repayments. Note that the final repayment after the increase in monthly installments is shown below.
Rounding of time saved

The time saved is expressed in years and months, sub-terms or weeks, depending on the repayment frequency chosen. Any partial repayment of the last instalment is credited to the savings account.

Amount of interest saved

This amount can only be an estimate, calculated based on the time saved and the details of the initial loan.
Calculator Disclaimer
The results of this calculator are provided for informational purposes only. They do not constitute an offer or pre-qualification for the product. Each institution applies its own formulas. Information such as the interest rates shown and the default data used in the assumptions are subject to change.