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I Need Advice On A Load Issues With A Micro Finance Bank by swit4real: 8:29pm On Mar 18, 2020 |
NLs Please help oooo, I took a loan from a Micro finance bank to inject on my poultry farm on this condition. Interest on loan shall be charged at 15% per annum. On this condition I took a loan of #240,000 payable in 6 months under the above condition. What I saw in my account as the 1st tranche of deduction for the loan is #46,000 which will continue for 6 months. My own calculations makes me think, the deductions should have been #43,000 for six months since the condition did not say 15% flat rate. Please I need your advice on how to go about this or do you think they are right? Please help me do your independence calculation and assist a brother for an advice...Thank you. |
Re: I Need Advice On A Load Issues With A Micro Finance Bank by swit4real: 10:44pm On Mar 18, 2020 |
swit4real: I did not post the topic for you to and read, I am pleading for an assistant on how to solve a challenging issues in my business |
Re: I Need Advice On A Load Issues With A Micro Finance Bank by swit4real: 10:45pm On Mar 18, 2020 |
swit4real: 65 reads without one post, please make your comments |
Re: I Need Advice On A Load Issues With A Micro Finance Bank by Nobody: 8:20am On Mar 19, 2020 |
Hi, The micro finance bank deducted the right amount of money from your account. Breakdown: Loan amount=240,000 Interest on loan(15%) =36,000 Loan+interest (36,000+240,000)=276,000 276,000/6=46,000. QED Hope that helps. 2 Likes 1 Share |
Re: I Need Advice On A Load Issues With A Micro Finance Bank by swit4real: 6:05pm On Mar 21, 2020 |
sunnyboi: I have a contrary view |
Re: I Need Advice On A Load Issues With A Micro Finance Bank by swit4real: 6:05pm On Mar 21, 2020 |
I have contrary view. The terms of the loan says 1) 15% per annum 2) Duration of 6 months = (6/12) or (0.5 years) 3) Principal is 240,000 Using the simple interest formula I=(PTR/100) I=(Interest) P=(principal) T=(time) R=(rate) I= [P * T * R ]/ 100 let the R be the unknown 36,000 = [240,000 * 0.5 * R]/100 Make R subject of the formula R= (36,000 * 100)/(240,000 * 0.5) = 30% Here. I was charged 30% not 15% per annum. Lets work for the supposed interest using same formula I= PTR/100 Let I be the unknown. I= [240,000*15*0.5]/100 =18,000 Interest = 18,000. If interest is 18,000 why was I charged 36,000. |
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