Press Ctrl-A ©G Dear 2009 – Not to be sold/Free to use Cost of a Loan Stage 5 - Year 10.

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Presentation transcript:

Press Ctrl-A ©G Dear 2009 – Not to be sold/Free to use Cost of a Loan Stage 5 - Year 10

2 Cost of a loan – Compound vs Flat Interest End of Slide Be Careful 10% Flat Interest ≠ 10% Compound Interest Financial Institution often quote either or both to confuse YOU

3 Cost of a loan – Compound vs Flat Interest End of Slide Reducible Rate % Equivalent Flat Interest Rate % 1 yr yr yr yr yr …………………………………… Annual Interest Rates A Bank offers a loan for 20 years at 10% reducible. A Credit Union offers a loan for 20 years at 8% Flat. Which is best? 10% Reducible = 6.58% Flat Best

4 Cost of a loan – Compound vs Flat Interest End of Slide Reducible Rate % Equivalent Flat Interest Rate % 1 yr yr yr yr yr …………………………………… Annual Interest Rates A Bank offers a loan for 20 years at 7% reducible. A Credit Union offers a loan for 20 years at 4% Flat. Which is best? 7% Reducible = 4.3% Flat Best

5 Cost of a loan – Compound vs Flat Interest End of Slide Reducible Rate % Equivalent Flat Interest Rate % 1 yr yr yr yr yr …………………………………… Annual Interest Rates A Bank offers a loan for 20 years at 12% reducible. A Credit Union offers a loan for 20 years at 8.21% Flat. Which is best? 7% Reducible = 8.21% Flat Equal

6 Cost of a loan – Monthly Repayments End of Slide Reducible Rate % Monthly Payment per $ yr yr yr yr yr …………………………………… A Bank offers a $110,000 loan for 20 years at 11% reducible. Monthly Repayment =110 Thousands x$10.53 = $ per month.

7 Cost of a loan – Monthly Repayments End of Show Reducible Rate % Monthly Payment per $ yr yr yr yr yr …………………………………… A Bank offers a $120,000 loan for 25 years at 9% reducible. Monthly Repayment =120 Thousands x$8.39 = $ per month.