Many customers of commercial banks believe that it is impossible to calculate the percentage accrued on a loan or deposit on their own at home. And they are mistaken. In fact, if you know exactly the size of the bet and the principle of its calculation, then you can do it in just a few minutes, using only a calculator and a sheet of paper.
If a person does not understand
how to calculate the interest on a loan, naturally, he can be added to the payment and excess. True, in most cases, it turns out that the borrower is wrong in his suspicions, simply by giving his hard-earned money every month, you can involuntarily become paranoid. Therefore, if there is a suspicion that the money goes unclear where, it is better to take a printout from the bank and check. Before calculating interest, you should carefully study the
loan agreement in order to understand exactly how they are charged: the actual balance of the debt, the estimated balance on the schedule, or the initial amount of the loan. Most banks use the first option, but others may be found.
In general, ideally, the contract and the principle of interest calculation should be studied before the transaction is completed, and not after some time, but if this did not happen in a timely manner, it is better to do it later than not to do it at all. In fact, the interest on the loan is the main income of the bank received from this type of transaction. But the client must understand that he may not be the only one. There are many other ways (and quite legitimate) of taking money from citizens. Therefore, before blaming the unreasonably accrued interest, you should make sure that it is they, and not some kind of “transaction monitoring fee”.
If the client has studied the contract, the statement provided by the bank and realized that there should not be any additional charges, you can proceed with the calculations. Of course, it will take a lot of time to check all the data for a year or a longer period. But you can get by with less radical measures, having examined several months selectively. It should also be noted that the principle of how to calculate the interest on a transaction does not depend on the repayment schedule. That is, in the case of annuity, and in the classic version of lending accruals are carried out identically. The only thing that may differ in different situations (this is mandatory in the contract) is the number of days in a calendar year. As a rule, banks consider that there are 360 of them, but in some cases there may be 365.
To get the amount of interest payable in the current (or any other) month, the balance on the loan body (it can be seen in the statement) should be multiplied by the annual rate, divided by the number of banking days and multiplied by their number in the study period. For example, with a balance of 30,000 monetary units, a rate of 10% per annum for October (31 days in it) 258.33 units should be charged. This is provided that the year is 360 days. And seeing a different value in the extract, you need to ask the specialist why.
If the client does not know how to calculate the interest on the deposit, then he can, in principle, do the same. The deposit agreement also describes the accrual principle. The only thing that needs to be taken into account is the presence of capitalization. If it is provided for by the contract, then the calculations will be a little more complicated, and outside assistance may be needed.