This loan calculator tool returns information about loan conditions.
Many people take out a bank or home loan without understanding their required repayments to pay off the loan. Some loan amounts are unable to be paid off as a result of accumulated interest because the repayment amounts are low. Other information about loans that may also be requested includes the total amount outstanding and the number of repayments required.
You can use the calculator to return this type of information by selecting from the options available. A brief descriptive text about the selected option will be displayed above. Fields that are not required for the selected calculation type will be disabled.
After filling the appropriate fields, click ‘Calculate’ to display the loan information.
Note that if the pay frequency is selected to monthly and the loan is for 25 years, the loan term will be 300 months (25 * 12)
Also note that the interest rate per year must be provided as a percentage and only digits and decimals are allowed in each field. Percentage and dollar signs must be excluded and a value is required to be entered for each appropriate field before results are displayed.
Loan Term – The duration of the loan in weeks, months etc.
Interest Rate – The interest rate of the loan (compound interest).
Payment Number – Number of times a payment has been made.
Loan Amount – The total amount of the loan taken out from the bank.
Payment Amount – The payment amount due every week, month etc.
Pay Frequency – How often payments are made (weekly, monthly etc).
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