So how exactly does the date my re re payment is received effect my loan(s)?

So how exactly does the date my re re payment is received effect my loan(s)?

As a result of day-to-day easy interest, the date your repayment is gotten impacts the level of interest you spend.

  • As soon as the total due is gotten just before your due date less interest accrues and much more of the re re payment is applied to major, decreasing the loan’s balance that is principal.
  • As soon as the total due is gotten after your due date more interest accrues and less of the re re re payment is used to principal.

Exemplory case of the way the date my re re payment is received effects my loan(s):

Major stability deadline Total due frequent interest
$6,000 25th $100 $1.15
  • If $100 is gotten regarding the 25th of this thirty days, the repayment will first be reproduced to accrued interest of $34.50 while the staying $65.50 will be placed on the key stability, decreasing the key stability to $5,934.50.
  • If $100 is gotten on the 20th of the thirty days (ahead of the date that is due, five days’ less interest would accrue in the $6,000 stability. The re re re payment will first be used to accrued interest of $28.75 additionally the staying $71.25 will be placed on the balance that is principal decreasing the main balance to $5,928.75.
  • If $100 is gotten on the 30th of the thirty days (following the date that is due, five days’ more interest would accrue in the $6,000 stability. Continue reading “So how exactly does the date my re re payment is received effect my loan(s)?”