Got my rate notice and was wondering if I'd be better off paying in 4 installments and leave the money in my offset at an interest rate of 5.84% currently or do I pay the whole lot in one go? Is anyone able to show me a sheet with this calculated to show what option is better in terms of saving money?
Full payment $2551.44
4 installments of $644.97 (4 x $644.97 = $2579.88)
Full or 1st instalment 04/09/2023
2nd instalment 06/11/2023
3rd instalment 08/01/2024
4th instalment11/03/2024
Thanks
Welcome to the forum.
How is the current interest rate applied by your bank? Per annum? Per month? Is it compound interest? Not enough information yet ...
Ali
Enthusiastic self-taught user of MS Excel who's always learning!
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Calculated daily
I am not a finance person, and I don't think AliGW's question was really answered, however assuming interest is compounded daily I think that this is correct:
1. Populate column A with the dates 4/9/2023 - 11/3/2024
2. Populate column B using: =B2*(1+0.0584/365)
3. Populate cell G2 using: =B2*(1+0.0584/365)^(A576-A2)
Let us know if you have any questions.
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