Loan Balance Calculator
Overview
The calculator automatically works out the amount of periodic repayments you need to make on a loan taken.
Instructions
1. In the first line, enter the amount of the loan originally taken out.
2. In the second line, enter the annual interest amount for the loan.
3. In the third line, enter the period of the loan in years.
4. In the fourth line, enter the repayment frequency (monthly, quarterly etc.)
Example
John took a loan of $20,000 at an annual rate of interest of 6%.
The loan is repayable over four years in equal monthly installments.
The monthly repayment on the loan will be $470.