Comment l'utiliser
- Enter Balance.
- Enter Annual rate %.
- Enter Term (years).
La formule
M = P·r(1+r)ⁿ / ((1+r)ⁿ−1)
Exemple concret
A $30,000 balance at 5% over 10 years is about $318/month.
Questions fréquentes
Can I repay early?
Usually yes, with no penalty, which saves interest.
What about income-based plans?
They set payments from income rather than a fixed term.
Conseils
- A shorter term costs less overall even if the payment is higher.
- Check the APR, not just the rate, to compare fairly.
- Read the fine print for fees and prepayment penalties.
Termes clés
- APR
- Yearly cost including fees, as a percentage.
- Term
- How long you repay the loan.
- Collateral
- An asset securing the loan.