A loan calculator is a tool that can help you calculate the monthly payment, total interest, and total cost of a loan. To use a loan calculator, you will need to input the following information:
- The loan amount (principal)
- The interest rate
- The loan term (duration, in months or years)
With this information, the calculator will use the following formula to calculate the monthly payments:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where M is the monthly paymentP is the principal amount of the loan. i = the interest rate (decimal) n = the number of payments (months or years).
Please provide me with the principal amount, interest rate, and loan term in months or years, and I will calculate the monthly payments and total interest and cost of the loan for you.
CEO / Co-Founder