Taking a simple loan might seem very easy and you might also think that you have everything figured out but that isn’t the case. You can know about the monthly payments, interest rates, and even the duration of the whole loan but what about the actual loan amount? With our easy-to-use calculator, you will be able to find the simple loan amount in no time!
Field Help
Input Fields
Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
Monthly Payment: The amount of principal + interest you are currently required to pay each month toward this loan.
Interest Rate: The annual percentage rate you will pay for this loan.
Length of Loan: It shows how long you will pay on this loan. Also, choose whether ‘Length of Loan’ is years or months.
Output Fields
Loan Amount: The amount you plan to borrow.
How To Use The Calculator
Using our calculator is very easy, all you have to do is just follow the instructions.
1. Enter The Monthly Amount: This is the amount that you have to pay
2. Enter The Interest Rate: This is the interest rate on the loan that you have taken
3. Enter The Length Of The Loan: Mention how long the loan will last for
After mentioning all of this information, you will be given the total loan amount.
Loan Payment Formula
For those wondering about the loan amount formula, here it is:
Terminology:
i= Interest Rate
n= Number Of Months
Example
Here is an example which will answer all of your queries.
Let’s say you borrow $10,000 for a period of 3 years at an annual interest rate of 5%.
Total Repayment Amount=$10,000+($10,000×0.05×3) Total Repayment Amount=$10,000+($10,000×0.15) Total Repayment Amount=$10,000+$1,500 Total Repayment Amount=$11,500
So, the total amount you would need to repay is $11,500.
This formula works for any currency or amount. Just make sure the interest rate and time are consistent (e.g., if the interest rate is annual, the time should be in years).