- Loan amountHK$75,000
- Total interestHK$11,206
- Total costHK$86,206
How it is calculated
The calculator assumes a fixed rate and equal monthly payments. Each payment covers the interest for that month and pays down part of the loan, so the interest share falls over time.
The APR adds any one-off fee to the cost and shows it as a yearly rate on the money you actually receive. It is the fairest number for comparing offers from different lenders.
Questions
Is a longer term cheaper?
The monthly payment is lower, but you pay interest for longer, so the total cost goes up. Compare 36 and 60 months with the same rate.
What is the difference between the interest rate and the APR?
The interest rate only prices the money borrowed. The APR also includes fees, so a loan with a low rate and a high fee can cost more than one with a slightly higher rate and no fee.
Now keep it on track Set the result as a budget in Spendee and see each month how much is left.
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