How the Calculator Works:

Monthly Payment: Enter the amount you are comfortable paying each month towards the loan.
 Example: $450

Loan Term: Specify the length of the loan term in either months or years.
 Example: 52 months

Interest Rate: The annual interest rate for the loan.
 Example: 4.321%

Calculations:
 Convert Loan Term to Months: Convert years to months if necessary.
 Example: 52 months (already in months, no conversion needed)
 Monthly Interest Rate: Calculate the interest rate on a monthly basis. $\text{Monthly Rate} = \frac{\text{Interest Rate (\%)}}{12 \times 100}$
 Example: 4.321% annual interest → Monthly Rate = 4.321 / (12 × 100) = 0.0036008
 Maximum Loan: Calculate the loan amount you can afford using the formula: $\text{Loan Amount} = \frac{\text{Monthly Payment} \times \left(1 – (1 + \text{Monthly Rate})^{\text{Term}}\right)}{\text{Monthly Rate}}$
 Convert Loan Term to Months: Convert years to months if necessary.

Result: The loan amount will be displayed in a table.
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