Initially the only information that I have is that the loan amount is for £500, the interest rate (simple interest) is fixed


Initially the only information that I have is that the loan amount is for £500, the interest rate (simple interest) is fixed at 0.7% per day, I want to repay over 5 installments and the term of the loan is 144 days. i'm trying to work backwards by finding the monthly repayment and then I can calculate what element is capital and what is interest. Any amortization calculations online assume payments are for a full month. Is there a formula out there that works out the monthly repayment for uneven days in a month? I know that the 1st repayment will be taken 22 days after the loan is drawn down.



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