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Anonymous
Anonymous asked in Business & FinanceOther - Business & Finance · 1 decade ago

Loan Repayment ??

If I were to take out a bank loan for £500,000 over 20 years at an interest rate of say 8% what would the monthly repayments be? It would be helpful if when answering that you could explain how it is worked out so that I can apply it to other amounts/periods Thanks

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  • 1 decade ago
    Favorite Answer

    That would be called a mortgage!

    Check out banking websites for loan/mortgage calculators. They give a good idea of what repayments will be.

  • Anonymous
    4 years ago

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  • The loan repayment would be £4,182.20 per month. It is possible to work this out, but it is quite complicated. If you want to work out other options you can use the loan amortization template in Excel.

    To find the template select File; New; Select Templates on My Computer; Select Spreadsheet Solutions Tab and then select the Loan Amortization template. Fill in the details and away you go.

    Source(s): Excel Loan Amortization Template
  • 1 decade ago

    You are looking at around £3333 per month!

    You can work it out: loan amount (£500K) x interest rate% (8%) then divide the lot by 12.

    So 500,000 x 8% divide by 12 = £3333

    Also, if you use this link, its amazing for working out repayments etc.

    http://www.headlands.co.uk/calculator.htm

    Hope that helps!

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  • 1 decade ago

    No bank will give you a loan over 20 years.

  • 1 decade ago

    go to northern rock www.northernrock.com

    put in loan amount for 5 K and times the result x10000 - u'll be there or thereabouts - if you get refused for a loan - ask Sharkey from the Moss Side Estate in L'pool - tell him the melon sent you and he'll sort you out.. don't default on your loan to him though as their building new motorway bridges near the Wirral and u'll end up underneath one....

  • Anonymous
    1 decade ago

    Use a mortgage calculator like the ones featured on www.realtor.com

  • 1 decade ago

    http://www.moneysupermarket.com/loans/

    They provide loans for up to 25 years

  • 1 decade ago

    check with the bank

  • Anonymous
    1 decade ago

    Cheek! I'm not doing your maths homework!! Read a book, for God's sake!

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