₦airaland Forum

Good morning guys
Somebody should help me to calculate this loan interest rate, I applied for a loan some days back, my bank already accepted my loan request but the problem I have now is how to calculate the interest rate,
Loan amount= 1million nine hundred thousand naira
Loan duration= 24 weeks
Daily interest rate= 0.18
Somebody should help me to calculate this 0.18 daily interest rate please 🙏🙏, I have just four days to either accept or decline the loan offer.

[quote author=ifytrik post=133166819]Good morning guys
Somebody should help me to calculate this loan interest rate, I applied for a loan some days back, my bank already accepted my loan request but the problem I have now is how to calculate the interest rate,
Loan amount= 1million nine hundred thousand naira
Loan duration= 24 weeks
Daily interest rate= 0.18
Somebody should help me to calculate this 0.18 daily interest rate please 🙏🙏, I have just four days to either accept or decline the loan offer.

Multiply 0.18 times 1,900000

ifytrik:
Good morning guys
Somebody should help me to calculate this loan interest rate, I applied for a loan some days back, my bank already accepted my loan request but the problem I have now is how to calculate the interest rate,
Loan amount= 1million nine hundred thousand naira
Loan duration= 24 weeks
Daily interest rate= 0.18
Somebody should help me to calculate this 0.18 daily interest rate please 🙏🙏, I have just four days to either accept or decline the loan offer.

If what u mean is 0.18% per day...then you are paying a total of 574,560 naira in 24weeks, which is technically 30%.....

Abeg ask if there is no hidden charge in the fine print....
.Nigerians banks dey cràze like madt...u'd be surprised when they start debiting you another separate interest rate per day

You paying back #2,474,560 in total for 6months...

ifytrik:
Good morning guys
Somebody should help me to calculate this loan interest rate, I applied for a loan some days back, my bank already accepted my loan request but the problem I have now is how to calculate the interest rate,
Loan amount= 1million nine hundred thousand naira
Loan duration= 24 weeks
Daily interest rate= 0.18
Somebody should help me to calculate this 0.18 daily interest rate please 🙏🙏, I have just four days to either accept or decline the loan offer.

Dem won finish your life oh

To calculate the total interest on the loan and determine its total cost over the 24 weeks (168 days), follow these steps:

Given:
Loan Amount (Principal) = ₦1,900,000
Loan Duration = 24 weeks = 168 days
Daily Interest Rate = 0.18% = 0.0018 (as a decimal)

Formula:
Interest per day = Principal × Daily Interest Rate
Total Interest = Interest per day × Number of days
Total Amount to Pay = Principal + Total Interest

Calculation:
1. Daily Interest:
₦1,900,000 × 0.0018 = ₦3,420/day

2. Total Interest over 168 days:
₦3,420 × 168 = ₦574,560

3. Total Amount to Pay:
₦1,900,000 + ₦574,560 = ₦2,474,560

Breakdown:
Interest per day: ₦3,420
Total Interest for 24 weeks: ₦574,560 Total Payable Amount: ₦2,474,560

Ynix:
Dem won finish your life oh

the 0.18 per day x 7 = 1.26% per week

that is 1 million x 1.26 which is 1.26 million per week

Now 1.26m x 24 weeks = 2.704 million naira to be paid in 24 weeks run oh

No wonder they gave me just 4 days to either accept or decline the loan offer, the interest rate is way too high, thanks for your input brother

Clairvoyancy:
You paying back #2,474,560 in total for 6months...

hmmm, the interest rate is too high for me, thanks

Anytime compound interest is working against u... U better know if it's worth it B4 u become a slave to a Nigerian bank. Hope there is no loan service charge.. default fee nko... The loan better not be taken for rice and beans, aso-ebi and marriage ceremony

advanceDNA:
If what u mean is 0.18% per day...then you are paying a total of 574,560 naira in 24weeks, which is technically 30%.....

Abeg ask if there is no hidden charge in the fine print....
.Nigerians banks dey cràze like madt...u'd be surprised when they start debiting you another separate interest rate per day

No need to ask if their any hidden charges, the interest rate is way too high considering the time frame for the repayment, a I'm declining the loan offer with immediate effect before dem go use style collect my house thanks for the enlightenment

[quote author=emmatony post=133166861][/quote]PRINCIPAL*RATE*TIME/100 = INTEREST TO PAY
DAY 2.. PRINCIPALbecomes PRINCIPAL+ INTEREST TO PAY it adds up for 6 months... If u can recover it plus benefits.. why not?
Life is lived in the deep of hustle and grind not in comfort of security.

DOUBLEBARREL:
Anytime compound interest is working against u... U better know if it's worth it B4 u become a slave to a Nigerian bank. Hope there is no loan service charge.. default fee nko... The loan better not be taken for rice and beans, aso-ebi and marriage ceremony

it's for business but on a serious note most Nigeria banks are enemies of small scale business, how on earth do they expect 1.9million naira to generate profit of 547 thousand naira in space of 24 weeks, na yahoo I won use the money do?

Ynix:
Dem won finish your life oh

the 0.18 per day x 7 = 1.26% per week

that is 1 million x 1.26 which is 1.26 million per week

Now 1.26m x 24 weeks = 2.704 million naira to be paid in 24 weeks run oh

Like wtf math is this

advanceDNA:
Like wtf math is this

advanceDNA:
Like wtf math is this

maths without paper, I was calculating with my head could not check the calculator but it's in that range

advanceDNA:
Like wtf math is this

this is my new calculation

To calculate the total interest on the loan and determine its total cost over the 24 weeks (168 days), follow these steps:

Given:
Loan Amount (Principal) = ₦1,900,000
Loan Duration = 24 weeks = 168 days
Daily Interest Rate = 0.18% = 0.0018 (as a decimal)

Formula:
Interest per day = Principal × Daily Interest Rate
Total Interest = Interest per day × Number of days
Total Amount to Pay = Principal + Total Interest

Calculation:
1. Daily Interest:
₦1,900,000 × 0.0018 = ₦3,420/day

2. Total Interest over 168 days:
₦3,420 × 168 = ₦574,560

3. Total Amount to Pay:
₦1,900,000 + ₦574,560 = ₦2,474,560

Breakdown:
Interest per day: ₦3,420
Total Interest for 24 weeks: ₦574,560 Total Payable Amount: ₦2,474,560

Ynix:
this is my new calculation

To calculate the total interest on the loan and determine its total cost over the 24 weeks (168 days), follow these steps:

Given:
Loan Amount (Principal) = ₦1,900,000
Loan Duration = 24 weeks = 168 days
Daily Interest Rate = 0.18% = 0.0018 (as a decimal)

Formula:
Interest per day = Principal × Daily Interest Rate
Total Interest = Interest per day × Number of days
Total Amount to Pay = Principal + Total Interest

Calculation:
1. Daily Interest:
₦1,900,000 × 0.0018 = ₦3,420/day

2. Total Interest over 168 days:
₦3,420 × 168 = ₦574,560

3. Total Amount to Pay:
₦1,900,000 + ₦574,560 = ₦2,474,560

Breakdown:
Interest per day: ₦3,420
Total Interest for 24 weeks: ₦574,560 Total Payable Amount: ₦2,474,560

....u don fvck up first time.....Resist the urge to shalaye...

DOUBLEBARREL:
PRINCIPAL*RATE*TIME/100 = INTEREST TO PAY
DAY 2.. PRINCIPALbecomes PRINCIPAL+ INTEREST TO PAY it adds up for 6 months... If u can recover it plus benefits.. why not?
Life is lived in the deep of hustle and grind not in comfort of security.

thanks man but please enlighten me on reducing interest rate, according to the lender they said the interest rate type is reducing interest rate which I know nothing about

DOUBLEBARREL:
Anytime compound interest is working against u... U better know if it's worth it B4 u become a slave to a Nigerian bank. Hope there is no loan service charge.. default fee nko... The loan better not be taken for rice and beans, aso-ebi and marriage ceremony

thanks man but please enlighten me on reducing interest rate, according to the lender they said the interest rate type is reducing interest rate which I know nothing about