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help with how a loan repayment is calculated
In this case, it looks like the interest is simply the nominal daily interest rate times number of days in the period. From that you can use a spreadsheet to calculate the total payment by trial and error. With the different number of days in each period, any formula would be very complicated. In the more usual case where the interest charge for each period is the same, the formula is: m=P*r^n*(r-1)/(r^n-1) where * is multiplication ^ is exponentiation / is division (Sorry, don't know if there's a way to show formulas cleanly on here) P=original principle r=growth factor per payment period, i.e. interest rate + 100% divided by 100, e.g. 1% -> 1.01 n=number of payments Note the growth factor above is per period, so if you have monthly payments, it's the rate per month. The last payment may be different because of rounding errors, unequal number of days per period, or other technicalities. Using that formula here won't give the right answer because of the unequal periods, but it should be close. Let's see: r=0.7% times an average of 28.8 days per period gives 20.16% + 1 = 1.2016. n=5 P=500 m=500*1.2016^5*(1.2016-1)/(1.2016^5-1) =167.78 Further off than I expected, but ballpark.