Working Out Loan Compounded Daily With Payment Fortnightly?

December 7th, 2009

Lets say im talking out a 20 year loan for $100,000. The interest rate is 9% compounded DAILY and my repayments are made FORTNIGHTLY.
How would I workout my repayment amount?
I know how to work it out if it was compounded fortnightly and paid fortnightly, but not mismatched as daily/fortnightly. Instructions on how to do it manually and on a finance calculator would be good.

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One Response to “Working Out Loan Compounded Daily With Payment Fortnightly?”

  1. Scooba Steve Says:

    use a hybrid fortnightly rate
    ( 1+dailyrate)^14 -1

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