Lending to my partner

coastiefrank

Hi,

My partner has borrowed £3000 off me and is going to repay it at the same interest I get from the offset account I drew it out of. What I want to know is how to calculate the monthly amount she should pay.

Regards

worried48

Partner? It hardly sounds like much of a partnership if you are lending her money at interest. Perhaps I am just old fashioned

rizla01

That can't be calculated unless you can say over what term?

FireWyrm

So, whats the interest? Over what period?

The rest is basic mathematics.

Lending to a partner? I agree with worried48, call be old fashioned, but partners generally dont lend to each other at interest. More to the point, unless you have a written legal agreement, your 'partner' can cease payments and there's little you can do about it. Lending to family is never a good idea.

somethingcorporate

Unless it is business partner perhaps?

CLAPTON

just search for

'loan calculators'

Mirno

If you've got Windows 7 the calculator there will calculate it (not sure if it's on earlier versions).

Press windows key + r
type calc
Go to the menu view -> Worksheet -> Mortgage (it'll work for loans too).

Fill in the purchase price as the loan amount, 0 as the down payment, and fill in the term and interest rate accordingly.

Thanks,

Mirno

FireWyrm

Mirno wrote: »

If you've got Windows 7 the calculator there will calculate it (not sure if it's on earlier versions).

Press windows key + r
type calc
Go to the menu view -> Worksheet -> Mortgage (it'll work for loans too).

Fill in the purchase price as the loan amount, 0 as the down payment, and fill in the term and interest rate accordingly.

Thanks,

Mirno

I didnt know you could do that!! wow...

coastiefrank

Thanks Mirno,
that was a really useful answer.

To all the old fashioned others (your words) I'm almost 65 so somewhat old fashioned myself in many ways, The offer to repay the loan and my loss of interest was her idea.

BugsyBrowne

coastiefrank wrote: »

Thanks Mirno,
that was a really useful answer.

To all the old fashioned others (your words) I'm almost 65 so somewhat old fashioned myself in many ways, The offer to repay the loan and my loss of interest was her idea.

I suppose she has to buy her own Xmas presents as well.

drussmonkey

If he's withdrawing it from an interest-bearing account, the act of lending it results in a real-terms loss of money he would otherwise have.

So, he's not profiting, and his partner is merely ensuring that he's not losing anything from the (kind) act anyway. Perfectly reasonable if you ask me.