Weekly payments

Owned by TurnKey Lender
Feb 15, 2018
2 min read

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



 Details...

and

.

Therefore,

.

Result

.


where

  • IRd is daily interest rate;
  • IR is the monthly interest rate.