Loan Calculator
5%
36 months
Loan Details
Monthly Payment: $0.00
Total Interest: $0.00
Total Repayment: $0.00
Explanation:
The monthly payment is calculated using the formula for a fixed-rate mortgage:
Monthly Payment = (Loan Amount * Monthly Interest) / (1 - (1 + Monthly Interest)^(-Loan Term))
Where:
– Loan Amount is the initial loan amount ($10,000 in this case).
– Monthly Interest is the monthly interest rate (calculated from the annual interest rate).
– Loan Term is the number of months for the loan (36 months in this case).
The total interest is calculated as the difference between the total repayment amount and the initial loan amount.
The total repayment is the sum of the loan amount and the total interest paid over the loan term.