Chapter 5
Calculating Loan Payments and Interest Rates
In This Chapter
Formatting monetary values
Estimating loan payments
Determining the number of payments
Calculating the number of periods
Calculating interest
Calculating the principal loan amount
A penny saved is a penny earned. A penny by itself is not much. But add a little savings here and there over the life of a loan, and the sum could be significant! Just think of what you can do with the extra money â extend a vacation, give it to charity, or save it for a rainy day.
Taking out a car loan, a mortgage, or another type of loan involves planning how you want to manage the loan payments. In the simplest terms, all you may need to know is the amount of your monthly payment. But knowing the components of a loan and being able to compare one loan with another can help you to manage your financial resources in your own best interest. ...
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