Simple Loan Calculator

Help
Periods (Payments) Per Year

2008 Vertex42 LLC

12

Option A: Solve for the PAYMENT

Loan Amount
Annual Interest Rate
Term of Loan (in Years)
PAYMENT
Total Interest

$15,000.00
7.500%
5
$300.57
$3,034.15

Option B: Solve for LOAN AMOUNT

Payment
Annual Interest Rate
Term of Loan (in Years)
LOAN AMOUNT
Total Interest

-----

Option C: Solve for INTEREST RATE

Loan Amount
Term of Loan (in Years)
Payment
Annual INTEREST RATE
Total Interest

-----

Option D: Solve for TERM of LOAN

Loan Amount
Annual Interest Rate
Payment
TERM of LOAN (in Years)
Total Interest

-----

Caution: Results are only estimates. Interest rates may vary, values may be off due to
rounding,
and the calculator does not take into account fees, extra payments, tax deductions, etc
Please consult a qualified professional regarding financial decisions.

[42]

http://www.vertex42.com/Calculators/loan-calculators.html

2008 Vertex42 LLC

Help
This loan calculator uses the PMT, PV, RATE, and NPER formulas to calculate the Payment, Loan
Amount, Annual Interest, or Term Length for a fixed-rate loan.
Caution: This calculator is only for educational purposes. The results are only estimates. The
calculate does not include rounding, fees, missed payments, and other factors that may be
important when making loan decisions. Please consult a qualified professional regarding financial
decisions.

Periods Per Year

The number of payments per year. Enter 12 for Monthly, 52 for Weekly, 1 for Annual etc.

Loan Amount
This is the amount that you have borrowed. You can also enter your current balance, if you also
adjust the Term of Loan to be the number of years left to pay off the loan.

Annual Interest Rate

This calculator assumes a fixed interest rate, and the interest is compounded each period.

Payment (Per Period)

This is the amount that is paid each period, including both principal and interest (PI).

Term of Loan (in Years)

Mortgage loans usually have 15 or 30-year terms. Auto loans are usually between 2 and 5 years. For
a 6-month term, enter =6/12 or 0.5. If you entered your current balance in the Loan Amount, then
for the Term enter the number of years you have left until your loan is paid off.