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.
Ceisteanna—Questions. Oral Answers. - Borrowing from Local Loans Fund.
6.
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.