Contents

### How to Use the Advanced Loan Calculator

#### Steps to Use the Calculator:

1. Choose a Calculation:

• Select the type of calculation you want to perform from the drop-down menu:
• Find the Loan Amount: Calculates the principal loan amount based on the payment amount, interest rate, number of payments, and compounding frequency.
• Find the Interest Rate: Determines the interest rate required for the given loan amount, payment amount, and number of payments.
• Find the Number of Payments: Calculates the total number of payments required to pay off the loan.
• Find the Payment Amount: Calculates the payment amount based on the loan amount, interest rate, number of payments, and compounding frequency.
2. Input the Required Data:

• Depending on your selected calculation, input the necessary values:
• Loan Amount: Enter the principal amount of the loan (if applicable).
• Interest Rate: Enter the annual interest rate in percentage (if applicable).
• Compounding: Select the frequency at which the interest is compounded (e.g., Monthly, Quarterly, Annually).
• Payment Amount: Enter the periodic payment amount (if applicable).
• Total Number of Payments: Enter the total number of payments over the loan term (if applicable).
• Payment Frequency: Choose the frequency of payments (e.g., Monthly, Weekly).
3. Click "Calculate":

• After entering all the required data, click the "Calculate" button to perform the calculation.
4. View the Result:

• The calculator will display the result below the form, providing you with the calculated value based on your inputs.

### Examples of Use

1. Example 1: Finding the Payment Amount

• Scenario: You have a \$25,000 loan with an interest rate of 5% compounded monthly, and you want to pay it off in 60 monthly payments.
• Inputs:
• Loan Amount: \$25,000
• Interest Rate: 5%
• Compounding: Monthly
• Total Number of Payments: 60
• Calculation: The calculator will compute the monthly payment required to pay off the loan.
• Result: Monthly Payment = \$471.78
2. Example 2: Finding the Interest Rate

• Scenario: You want to find the interest rate on a \$10,000 loan that you are repaying with \$200 monthly payments over 60 months.
• Inputs:
• Loan Amount: \$10,000
• Payment Amount: \$200
• Total Number of Payments: 60
• Compounding: Monthly
• Calculation: The calculator will determine the interest rate that corresponds to the given inputs.
• Result: Interest Rate = 7.5%
3. Example 3: Finding the Loan Amount

• Scenario: You plan to make monthly payments of \$300 for 48 months at an interest rate of 4%.
• Inputs:
• Payment Amount: \$300
• Interest Rate: 4%
• Total Number of Payments: 48
• Compounding: Monthly
• Calculation: The calculator will calculate the loan amount you can afford with these terms.
• Result: Loan Amount = \$12,852.24