| Monthly
loan payments calculator
For Repayment Loans, this calculator uses a generic compound interest repayment formula*. It takes no account of any fees or other costs and does not relate
to total APR but to the annual interest rate charged on a loan.
Loan required
The amount of the loan that you intend to take out
withouta comma or any other seperators (eg 15000).
The limits
are as follows: maximum 250000 , minimum 100.
Repayment period
Select the length of time over which you wish to repay the
loan.
Interest rate
The annual interest rate, entered as a percentage,
up to two decimal places with no '%' character. The input allowed is three
significant figures e.g. 7.45 or 12.4.
The limits
are as follows: maximum 25 , minimum 1.5 .
*The formula used for the compound interest repayment calculation:
monthly repayment = principal x (1 -rate) x (rate^payments) / (1 - ( rate^payments
))
Where
| principal |
Total amount borrowed (Loan Required on the form) |
| rate |
1 + Monthly rate (annual rate divided by 12). For example, an annual interest rate of 9% equals a monthly interest rate of 0.75% per month
and hence rate =1 + (9 / 12 / 100 ) = 1.00750. |
| payments |
Total number of monthly payments |
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