2/4/2014
eFunda: Loan Calculators
Finance: Loan Calculator
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LoanIQ for iPhone is now available.
e funda's iPhone ve rsion of its online loan, le ase , and APR calculators. C hoose any variable (loan
am ount, paym e nt, inte re st rate , e tc.) as the unk nown and calculate the re sult in re al-tim e as othe r
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Scenario 1: Find the Monthly Payment
Loan Amount (C): 20,000
Interest rate R% is always a yearly figure.
However, in most loan situations it is compounded
Interest Rate % (R): 7.5
monthly. In this calculator the monthly payment is
calculated by the following formula where r =
Number of Months (N): 60
Monthly Payment (P):
R/1200:
Calculate
Scenario 2: Find the Interest Rate
Loan Amount (C): 1000
Monthly Payment (P): 87.92
For given C, P and N, one can only solve the
following equation for r by numerical means.
Number of Months (N): 12
Interest Rate % (R):
Calculate
Given the rather smooth behavior of this equation,
this calculator employs the Newton-Raphson
method with an educated initial guess:
Scenario 3: Find the Number of Payments
Loan Amount (C): 20,000
http://www.efunda.com/formulae/finance/loan_calculator.cfm
This calculator figures out the number of months N
1/2
2/4/2014
eFunda: Loan Calculators
Loan Amount (C): 20,000
This calculator figures out the number of months N
by the following closed-form expression:
Interest Rate % (R): 7.5
Monthly Payment (P): 450
Number of Months (N):
Calculate
Notice that N has to be an integer, so the monthly
payment P might be slightly adjusted to satisfy
this condition.
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