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20K Loan Over a 3 Year Period – 13% Interest
Today we’re looking at a personal loan of $20,000 over a three year period at a 13% interest rate. The payment frequency is biweekly (every 2nd week). Going biweekly for a loan like this is a smart way to go. This a cash loan that is secured but the borrowers have poor credit rating. Not abnormal these days – that’s for sure.
The results are below;
Total amount to be paid: $23,949.97
Total amount of interest $3,949.97
Payments: $306.21 biweekly
A typical 20,000 dollar loan would be for a car, truck, motorcycle, educational, or home improvement. Of course some borrowers just want to see what it’s like to blow 20 grand on traveling and partying – this is of course not the normal borrower, but it does happen – it’s a crazy mixed up world out there kids.
So you can see that our borrower is paying 612.42 a month in total right? Wrong. The advantage a biweekly payment schedule is is that you pay down your debt, or “service your debt” faster than monthly payments. Here is math;
Biweekly
- 26 biweekly payments in the year
- 306.21 per week
———————————
Total of $7961.46 against the principal debt in one year of making payments
Monthly
Total amount to be paid = $24,007.58
Total amount of interest = $4,007.58
Payments once a month = $657.74
- 12 payments in a year
- 657.74 per payment
————————————
Total of $7892.88 against the principal debt in one year of making payments
Note the difference in the amount of interest paid over the 1 year period, and notice the difference in how much was paid off the principal loan.
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A LOAN CALCULATOR; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).
October 24th, 2011 at 12:24 am
Not sure if this went the other time, but looking to secure a personal loan with you of $20,000 to franchise a business that I need help with getting into. Would need the personal secure or unsecured loan as soon as possible. i recently went through a bankruptcy and realize the interest rate will be high no matter what. I reside in the state of Washington.
October 24th, 2011 at 12:18 am
I am looking to borrow $20,000, to help with funding a franchise I would like to own. I would like to be able to borrow as soon as possible. I would like to get a personal loan. I just went bankrupt over mounting medical bills, and would like to provide a better future for my family. Right now because of bankruptcy I know Interest will be high, but I am prepared to pay it, so secure or unsecured doesn’t matter with the loan per say. We currently live in the state of Washington. Thank you for your time.
February 28th, 2011 at 7:09 pm
Looking for 20k-30k to help fund franchise start-up. 2 principle partners have over 15 yrs experience in this business and expect a positve cash flow in first quarter of business. Great investment!
February 22nd, 2011 at 10:05 am
Need a 20 k loan quick to save a investment
property