A Comprehensive Article on Loan Calculator
A loan may be a contract between a borrower and a lender during which the borrower receives an amount of cash (principal) that they're obligated to pay back within the future. Most loans are often categorized into one among three categories: 1. Amortized Loan: Fixed payments paid periodically until loan maturity 2. Deferred Payment Loan: Single payment paid at loan maturity 3. Bond: Predetermined payment paid at loan maturity (the face, or face value of a bond) Amortized Loan: Paying Back a Fixed Amount Periodically Return a hard and fast amount Periodically Use this calculator for basic calculations of common loan types like mortgages, auto loans, student loans, or personal loans, or click the links for more detail on each. Many consumer loans fall under this category of loans that have regular payments that are amortized uniformly over their lifetime. Routine payments are made on principal and interest until the loan reaches maturity (is entirely paid off). A ...