I have a small personal loan ($3000 remaining).
The current interest is about 15% (per year???, charged monthly) but I also have to pay a monthly service fee ($10).
My current weekly repayments are set to what I chose at the start of the loan, and at this rate it will take about another year to fully repay the loan.
I want to repay my loan by a certain date (April 30th 2020), and I want to know how much my repayment needs to be to pay it back by that date.
I've tried some loan calculator websites, but I haven't found one that allows me to enter the monthly service fee ($10) into the calculation.
How can I calculate it (what is the formula? or where can I find a personal loan calculator that can do it for me?), and what does my weekly repayment need to be to pay back by that date?
I know there are some other factors such as these:
- It's a variable-rate loan, so the interest % might change
- There are fees payable if I go over the yearly repayment threshold
- Depending on my personal financial situation, it might make more sense not to increase the repayments
But I'm happy to ignore them because it's such a low amount and I'm just looking for a ballpark weekly repayment amount to pay it back within about 4 months