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Dáil Éireann díospóireacht -
Tuesday, 25 Feb 1964

Vol. 207 No. 11

Ceisteanna—Questions. Oral Answers. - Borrowing from Local Loans Fund.

6.

asked the Minister for Finance the total outgoings per week in respect of interest and capital repayment on £1,500 borrowed from the Local Loans Fund at six per cent (a) under the annuity and (b) under the instalment system (i) where the period of repayment is twenty-five years and (ii) where the period of repayment is thirty years.

Loans from the Local Loans Fund are repayable half-yearly and calculations on a weekly basis are not available.

For a loan of £1,500 at six per cent the half-yearly payment would be:—

Under the annuity system:

£58 5s. 11d. for 25 years, and £54 4s. 0d. for 30 years.

Under the instalment system:

(a) for 25 years:

£75 for the 1st payment decreasing by 18s. each half year to £30 18s. 0d. for the last payment.

(b) for 30 years:

£70 for the 1st payment decreasing by 15s. each half year to £25 15s. 0d. for the final payment.

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