Thinking of taking out a loan that could make all the difference in your life? When you’re planning for a brighter tomorrow and doing the sums that come with it, it’s important to include the interest factor, which often isn’t quite as simple as it seems.
Compound interest is interest charged on both the principal loan amount and the accumulated interest that remains to be paid on it. This means that the borrower pays interest on interest, so the longer the interest compounds, the greater the repayment.
With 1Life’s payable compound interest calculator, you can work out the cost of your monthly repayments, based on the principal loan amount plus the interest that will be charged over the contract period.
This is how much you would be paying back in interest.
Like the numbers? Take the next step today and invest in your tomorrow with a 1Life Personal Loan. No waiting around with our easy online application - you’ll have a decision in minutes.
Our user-friendly calculators are here for you to gain the insights you need in making the smart choices that will empower you to protect and grow your wealth. The calculators do not provide any advice or recommendation in relation to the suitability of any products.
It’s important to note that the calculations are only estimates, based on your inputs and assumptions. Interest rates are a factor in all of them, and these vary from one financial services provider to another and are influenced by several factors including your credit history.