Loan Payment Calculator Definition
Do you have a loan and want to calculate your monthly payment quickly and easily? The loan payment Calculator can determine three pieces of information about your loan: the monthly payment amount (EMI), the monthly average interest, and monthly interest. You can calculate these results by just including your loan amount, the interest rate, and the term in years.
At the top of the loan payment Calculator, first you should enter the exact amount of your loan. After this, in the second box enter the interest rate. This information should be included in the official documents for your loan. You need to write this number as a percentage. For example if the number is 3.1% then you should write the number as 3.1 in the box. In the last box, above the calculate button, you need to enter the term in years to pay off this loan, for example if it is a 5 or 10 year loan. Once this is completed then click the calculate button. Under the results the loan payment Calculator will fill in the information for the monthly payment amount (EMI), the monthly average interest, and monthly interest.