Consumer Loan with Payment Schedule

The example which depicts the total cost of your loan:

Assuming that the bank grants you a loan in the amount of EUR 1500 at the annual interest rate of 16%, the agreement is concluded for the period of 3 years by monthly repayment and the costs of drawing up the loan documents comprise the amount of EUR 45: the annual interest rate is 19.78 % (the total cost of the loan expressed in percent), the total sum of the loan including the interest and other costs shall be EUR 1 943.64, and the monthly payment shall be EUR 53.91. The calculation mentioned in the example was made on 26.10.15.