Weekly payments
1. Weekly Interest Rate
where
- IRw is weekly interest rate;
- IR is the monthly interest rate.
2. Number of Installments
The key difference between the Weekly and Biweekly is the loan Term’s units of measure. For Biweekly it is months, whereas for Weekly it is weeks. This means that for Weekly, there is no need to calculate the number of installments as it is equal to the loan term.
where
- Ninst is the number of installments;
- LT is the loan term (in weeks).
Fun fact
A weekly loan for 1 week is possible, whereas a biweekly loan for 1 fortnight is not possible (it’s limited to a minimum of 1 month).
3. Daily Interest Rate
and
.
Therefore,
.
Result
.
where
- IRd is daily interest rate;
- IR is the monthly interest rate.