This calculator requires the use of Javascript enabled and capable browsers. This script calculates the total loan amount (including interest) based on the compound interest APR and the number of months of payments. This is done with an entry in dollars and cents to loan amount field and a percent whole number for the interest rate. For example, 5 is the equivalent of 5%; 5.5 is 5 and a half percent and is legitimate. Click on Calculate and see the loan total payable and the monthly payment. You may click on Clear Values and do another. You MAY enter a decimal for entries in all fields but do not enter any commas or dollar signs (, or $). These are the formulae:
Payment = Amount * Rate * Math.pow(1+Rate/1200,Term) / (1200 * (Math.pow(1+Rate/1200,Term) - 1))
Total Loan = Payment * Term
