How to use
- Enter the loan principal amount.
- Enter the annual interest rate as a percentage.
- Enter the loan term in months.
- Read the monthly payment, total payment, and total interest in the result panel.
Examples
- A principal of 100,000 at 5% annual rate over 60 months gives a monthly payment of about 1,887.12 and total interest of about 13,227.07.
- Changing the term to 120 months drops the monthly payment to about 1,060.66 but nearly doubles the total interest paid.