Monthly Payment Calculator

Monthly Payment Calculator

This calculator will tell you what your monthly payment on a loan will be.

Explanation of Terms
Principle Balance – The amount you are borrowing on a loan
Terms (years) – How many years are you going to take to repay the loan
APR – The annualized interest rate that you are being charged for the loan

Practical Expample
Let’s say you wanted to take out a loan to buy a house. You need to borrow $100,000 to buy the house and a bank quotes you a rate of 6%. The standard time to repay a mortgage loan is 30 years. Your principal balance is 100,000. Your terms are 30 years and your APR is 6.

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