Bank Loan Calculator

Published: 5/14/2021 Last updated: 5/14/2021
Table of contents:

Bank Loan Calculator Definition

This bank loan calculator will come in handy for anyone who is looking to get a new loan and needs a general idea on what monthly payments will be. The system is user friendly and the information entered into the bank loan calculator is kept confidential and no records are kept. This will be helpful for figuring out any monthly budget.

Easily type in your loan amount in the LOAN AMOUNT field. The next step is to type in your loan amount duration. In the LOAN AMOUNT TERM decide whether you want to type your term in years or months. NOTE: only one or the other can be chosen for this step. It will automatically type in the years or months in the other field.Next easy step is to type your interest rate in. Please note that this is only allowed a WHOLE number and not a decimal, so round to the nearest number if you have a decimal point in your interest rate. It is your choice whether to round up or down and calculate the percentage into the whole number.Then click CALCULATE and your MONTHLY PAYMENTS are shown. Your bank loan calculator should now show your completed figure.