A loan calculator for a range of loan kinds

Category: Academics

A loan calculator is a tool that, depending on the loan amount, interest rate, and loan period, helps you estimate the monthly payments, total cost of borrowing, and total interest. A loan calculator can help with budgeting, evaluating various loan possibilities, and reducing interest costs. A loan calculator can be used for a number of loans, including personal, student, vehicle, and home loans. This is only one of the numerous free internet loan calculators available. Another option is to make your own loan calculator using a spreadsheet application such as Google Sheets or Excel with formulas like PPMT, IPMT, and PMT. To compute loan installments, you can also use a smartphone app or a financial calculator.