Many clients of commercial banks believe that it is impossible to calculate the interest accrued on a loan or deposit on their own at home. And they are wrong. In fact, if you know exactly the size of the bet and the principle of its calculation, then you can do it in just a few minutes, using only a calculator and a piece of paper.
If a person does not understand how to calculate interest on a loan, of course, they can add extra to the payment. True, in most cases it turns out that the borrower is wrong in his suspicions, just by giving away his hard-earned money every month, you can unwittingly become paranoid. Therefore, if there is a suspicion that the money is going nowhere, it is better to take a printout from the bank and check it. Before calculating interest, you should carefully study the loan agreement in order to understand exactly how they are calculated:the actual outstanding balance, the estimated scheduled balance, or the original loan amount. Most banks use the first option, but there may be others.
In general, ideally, the contract and the principle of interest calculation should be studied before the transaction is executed, and not after some time, but if this did not happen in time, it is better to do it later than not to do it at all. In fact, the interest on the loan is the main income of the bank received from this type of transactions. But the client must understand that he may not be the only one. There are many other ways (and quite legal) to take money from citizens. Therefore, before you blame unreasonably accrued interest, you should make sure that it is they, and not some kind of "commission for monitoring the transaction."
If the client has studied the contract, the statement provided by the bank and realized that there should not be any additional charges, you can proceed to the calculations. Of course, it will take a lot of time to check all the data for a year or more. But you can get by with less drastic measures by considering a few months selectively. It should also be noted that the principle of how to calculate the interest on a transaction does not depend on the repayment schedule. That is, in the case of an annuity, and with the classic version of lending, accruals are carried out identically. The only thing that may differ in different situations (this is necessarily spelled out in the contract) is the number of days in a calendar year. As a rule, banks consider that there are 360 of them, but inin some cases it may be 365.
To get the amount of interest payable in the current (or any other) month, you should multiply the balance of the loan body (it can be seen in the statement) by the annual rate, divide by the number of banking days and multiply by their number in the period under study. For example, with a balance of 30,000 monetary units, a rate of 10% per annum for October (it has 31 days), 258.33 units should be accrued. This is assuming there are 360 days in a year. And when you see a different value in the statement, you need to ask a specialist why.
If the client does not know how to calculate the interest on the deposit, then he can, in principle, do the same. The deposit agreement also describes the accrual principle. The only thing that needs to be taken into account is the presence of capitalization. If it is provided for in the contract, then the calculations will be a little more complicated, and outside help may be needed.
