Finance

Sep 14 2016

Loan Calculator – Auto Mortgage


#loan calculator auto
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Finance – Monthly Payment – Interest – Principal – Amortization Table – Balance

Description:

Are you in the market for a loan, credit or mortgage? Use this app to calculate or double check loan details.

This calculator is for fixed interest and fixed period types of loans. These types of loans are typically used to buy automobiles, homes, boats, new or used cars, motorcycles, recreational vehicles (RV) and trucks. With these types of loans your payment does not increase or decrease. The payments are always the same.

This app does not work with variable interest rate loans. Some examples are credit cards and adjustable rate mortgages (ARM). The payments are not the same from month to month. For credit cards, the consumers decides on how much to pay.

This software computes the monthly payment, total interest, total principal and the total amount paid for a loan. In addition, it gives monthly details of interest paid and applied principal for each payment. This can be observed in the amortization table. For visualization, charts, graphs and plots are provided in this rich Internet application.

Calculation Instructions:

  1. Enter loan amount – This is the amount of money being borrowed for the purchase.
  2. Enter interest rate – This is the annual or yearly rate. This is the amount being charged to borrow money.
  3. Enter term – This is number of years it will take to pay back the loan.

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