Following is common way for Tonik Loan Calculation. Let’s begin.
How to calculate?
- Loan Amount: Let’s provide you with 100,000 Philippine Pesos (PHP).
- Interest Rate: The annual interest rate is typically expressed as a percentage. For this example, let’s assume the annual interest rate of Tonik flex loan is 10%.
- Loan Term: The loan term is the period over which you will repay the loan. If it’s a one-year loan, the loan term is 1 year.
Tonik Loan Calculation
To find the annual interest, you multiply the loan amount by the annual interest rate:
- Annual Interest = Loan Amount × Annual Interest Rate
- Annual Interest = PHP 100,000 × 10% = PHP 10,000
Monthly Interest: To find the monthly interest for a one-year loan, you divide the annual interest by 12 (the number of months in a year):
- Monthly Interest = Annual Interest / 12
- Monthly Interest = PHP 10,000 / 12 = PHP 833.33 (approximately)
Monthly Payment: To determine your monthly payment, you also need to account for repaying the principal (the loan amount). In this case, you’re paying back the principal over 12 months:
- Monthly Payment = (Loan Amount / Loan Term) + Monthly Interest
- Monthly Payment = (PHP 100,000 / 12) + PHP 833.33
- Monthly Payment = PHP 8,333.33 (approximately)
So, in this example, your monthly payment for a one-year loan of PHP 100,000 at a 10% annual interest rate would be approximately PHP 8,333.33.
This is a simplified calculation, and actual loan terms and interest rates can vary widely based on the lender’s policies and the type of loan product being offered.