I have a loan in a bank that functions as a combination of checking
account, house-loan (example 1.000.000 house loan) and credit, much
like a credit card credit, but i pay interest on the used money from
the day i spend them. It has a credit limit and no mortage.
I try to compare this loan to a regular loan, with mortage-payments
and interest.
Since I use the loan as an account I will get several small increases
in debt, in addition to the loan of a million, during the month, all
with different interest dates which will together be the basis for the
calculation of my interest payment for the month payable the last day
of the month. My salary (for example 40.000) will go into the account
on the 20.th of each month, which will reduce the debt (and off course
interest). The interest (3,8%) is calculated day by day (a purchase I
have done the first of the month will have 31 days of interest, while
a purchase i do the 31st will only have one day of interest. An
example of purchases on different days in the month below. How do I
compose a formula for calculating interest and interest on interest
day by day on this loan, and get a monthly cost for it, så i can
compare?
1 1000,0
2 1000,0
6 1000,0
7 30,2
10 503,7
13 526,8
15 20,6
16 538,2
19 33,0
20 11515,1 +salary 40000
21 249,6
23 6383,0
24 883,6
26 594,5
27 32,1
28 369,0
29 5054,7
30 1090,0
31 20,4