IntermediateFinance and accountingAbout 6 minutes
Steps
Each formula is already filled in and calculated. Edit it and press Run to try your own version. Nothing is saved or uploaded.
Monthly payment on 20,000 over 60 months at 5% a year.
Result
Total paid over the whole loan.
Result
Total interest is what you pay above the loan.
Result
Try 36 months instead.
Result
Interest saved by the shorter loan.
Result
What to remember
A shorter loan has a higher payment but costs less interest. Always divide the yearly rate by 12 for monthly payments.
Need Something Different? Let’s Talk.
Looking for different features or something built around your workflow? Share your idea with us.