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Step-by-step guide for the usage of a loan calculator.

Step 1: Input Loan Details

You will see a loan calculator with input fields. Enter the following details:

Loan Amount: The total amount of the loan.

Annual Interest Rate (%): The annual interest rate on the loan.

Loan Term (months): The duration of the loan in months.

Step 2: Calculate Monthly Payment

After entering the loan details, click on the “Calculate” button.

The calculated monthly payment will be displayed below the button.

Step 3: Clear Inputs (Optional)

If you want to enter new loan details, click on the “Clear” button to reset the input fields.

Example:

Let’s say you want to calculate the monthly payment for a $10,000 loan with an annual interest rate of 5% for a term of 24 months.

Enter 10000 in the “Loan Amount” field, 5 in the “Annual Interest Rate” field, and 24 in the “Loan Term” field.

Click “Calculate.” The result will show the monthly payment amount.

Note:

Ensure that all input fields are filled with valid numerical values.

The monthly payment is calculated using the formula for a fixed-rate loan. It does not take into account additional fees or compound interest, as it’s a simplified example.

Loan Calculator

Loan Calculator

Monthly Payment:

Amortization Schedule:

Period #Payment AmountPrincipal AmountInterest AmountBalance Owed
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