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How do you calculate the loan repayments?

We calculate the monthly repayments by applying an interest rate to the total amount you have borrowed. We’ll then divide the total amount you’ll need to repay across the term of your loan.

Each of your monthly repayments will consist of both the interest and the principal of the loan. As you continue to make payments, you’ll start to pay less interest as the initial loan amount decreases, and pay off more towards the remaining loan balance.

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