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Effective interest calculator
Effective interest rate is only one of the dimensions you should use when comparing loans. Now requires even the total loan cost is presented in conjunction with reference to the APR. This is to get a fairer price comparisons of instant loans, for example, SMS-loans. The effective interest rate includes all costs. Therefore, it gives a good comparison for the consumer when he or she is considering entering into a credit agreement. In a study of SMS loans are an example of a monthly payment of 149 SEK 25 SEK in administration fee. The effective interest rate on an annual basis will then be 543%. That compares with SMS loan of 500-600, with one month's duration.
An interest-free loan of SEK 1 000 with an administration fee of 25 SEK / month receive an effective rate of 34.5%. It is the same thing as to lend SEK 1 000 to 30% interest (except that it becomes cheaper the second month in the example with an interest rate of 30% if repayment is monthly.
Another effect is the case, then the bank pays interest monthly to the account. An effective rate of 12% does not give a payout of $ 100 a month if it has 10 000 standing on an account. This will be the effect rather than a nominal interest rate of 11.39%. Since most institutions and actors are interested to see as advantageous as possible, report the annual percentage rate when it comes to what you get for return on savings deposits and the nominal interest rate when you wish to borrow. In the case of the account funds deposited would get 94.89 SEK monthly on the effective rate was 12%.
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