![]() you just need to input the numbers into the calculator and you will have instant results. After entering the above mentioned numbers you will get the Number of Payments and Repayment Period (years and months).This depends on the type of term you select. Payment frequency - Here, you may select the monthly, quarterly, semi annually or annually.Repayment Amount - Repayment amount or EMI (Equated Monthly Installment) amount is the amount that you will be paying on a monthly basis for the loan in question.Annual Interest Rate - This column refers to the flat interest rate that has been offered to you for the entire term of the loan.For instance, if you are borrowing total amount of 50,000, but you are planning to repay 10,000 as a lump sum before the end of repayment, you may enter 10,000 amount in the future value column to get the repayment period for the remaining amount.Note: This is to be entered as a 0 if you want to calculate the repayment period for the entire amount. Future value - Here, you enter a value if you want to know the repayment period before a certain amount is left to be paid.Present value - This represents the value of total borrowed or yet to be borrowed amount.In order to use the iCalculator's payment calculator, you will need to fill the following details in the respective field. Payments Calculator Make your Repayment Calculations EasierĪ payment calculator is an online tool designed to do the calculations of the repayment period in the simplest way possible. Often credit card charges are also converted into smaller repayments rather than paying lump sum amount of total usage. Common type of loans that the majority of us use are: mortgages, personal loans, auto loans, payday loans, education loans all require repayments. Repayment amount generally consists of interest and principal and is paid periodically as per the selected term. These payments are generally made on a monthly basis when borrowed from the banks could be quarterly, semiannually or yearly in case of some private lenders. The term "Repayment" is used to define the act of paying back the money that was borrowed from a lender. However, we still face challenges when deciding on repayments. ![]() Perhaps the process of borrowing has become relatively easier than before with the latest technologies in picture. Calculation of Repayment Period - Payback period of your borrowingsīorrowing money when needed is never easy.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |