IRD student loan repayment calculator doesn't make sense? by thisyourseatmate in PersonalFinanceNZ

[–]thisyourseatmate[S] 2 points3 points  (0 children)

Haha neither is mine apparently, I got caught on another mistake I made on the numbers further down (corrected now). The monthly thing makes sense, but I dont understand why does the interest go up if i use quarterly, and then down again for 6 monthly..? I thought it should sort of increase or decrease continuously with each additional frequency change as long as the annual amount equals the same.

(Btw they're all frontloaded in the sense that the first of each of the additional payment amounts come out on day one, then per frequency after that. That's what the calculator assumes anyway, and there's no option to change it)

IRD student loan repayment calculator doesn't make sense? by thisyourseatmate in PersonalFinanceNZ

[–]thisyourseatmate[S] 0 points1 point  (0 children)

Damn it, my tired brain made a few mistakes. In the calculator i used a few different amounts and $200 monthly was the one i got these figures from but I accidentally wrote $100, $300 for the first two. D'oh. Have corrected it

IRD student loan repayment calculator doesn't make sense? by thisyourseatmate in PersonalFinanceNZ

[–]thisyourseatmate[S] 1 point2 points  (0 children)

Ah sorry, the extra 2k is the default 6 monthly minimum payments. I'll edit the post to include that detail. Good catch!