Loan Comparison Calculator
This calculator will enable you to compare the total cost of four different loans. For instance you can see the difference between a shorter term loan with a higher interest and a longer term loan that might have a lower annual interest. Now you can calculate the total interest paid and the real total cost of each loan.
Instructions: To calculate the payment amount and the total interest of any fixed term loan, simply fill in the three left-hand fields . These are the total Number of Payments, the Interest Rate and the Principle (the amount of the loan). Then click on "Compute."
And you can also use the other rows rows to see what effects are produced by changing any one of the loan's original variables.
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