Sep-1-2008
what is a loan calculator?
While looking at the internet i saw the word loan calculator .what it is? what is it use for?
While looking at the internet i saw the word loan calculator .what it is? what is it use for?
While looking at the internet i saw the word loan calculator .what it is? what is it use for?
A loan calculator is a calculator that work out how much you have to pay every month for the entire term of the loan.
Some loan calculator also provide you with a breakdown of how much goes to pay off the bank intererest and how much goes to pay the principal amount.
Loan calculators will generally let you enter what amount you wish to loan and then calculate what monthly amount you need to pay.
It’s just a programme that calculates how much money you can afford to borrow, and what you will be able to pay back on your current income.
Banks and other financial institutions use them to determine how much money they can/will lend you.
you can input the amount that you would like to borrow, the interest rate and the number of months and it will show you what your payment would be.
it is a tool to calculate the emi and also the total interest you are going to pay…you have to put in the amount you want as a loan from a bank..the currnet interest rate and the period of payback…it will give you monthly installments and the total interest you will pay
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