This calculator helps work out the approximate monthly repayments you will need to make on a personal loan or mortgage provides estimated loan repayments on a monthly, fortnightly or weekly basis. You will find that the figure will rarely match the figure provided by a bank as they may apply an administration fee for example, that is included or excluded from the APR they are quoting; first payment is sometimes larger than subsequent payments; the interest rate actually offered can be different to advertised rates depending on your circumstances; discounts may also apply.
Conclusion: Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as repayment frequency. No rounding is done throughout calculation whereas repayments are rounded to at least the nearer cent in practice.