Loan Comparison Calculator
Use this Loan Comparison Calculator to determine monthly payments, the total cost of the loan, and the total interest paid. Enter the loan amount, loan term in years, and the annual interest rate to receive detailed calculations immediately. Features include a history of calculations that you can copy or clear as needed.
Loan Comparison Calculator
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Calculator
- the principal amount borrowed
- the duration for loan repayment in years
- the annual rate applied to the principal in a percentage
Results
- the required monthly repayment amount
- the total payment made by the end of the loan, including interest
- the cumulative interest paid throughout the loan term
Formula
M=P*(1+r)n-1r(1+r)n Where: M is the monthly payment P is the loan amount (principal). r is the monthly interest rate (annual interest rate divided by 12). n the total number of payments (loan term in years multiplied by 12).
This calculator provides straightforward functionality for financial planning without nonessential details.
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