Enter the amount, the annual rate and the term in months to see the monthly payment, the total paid and how much of that is interest. The last figure is the useful one and the one lenders quote least. A zero-interest loan is calculated separately rather than through the standard formula, which divides by zero at that point and returns nothing usable — some calculators then show a payment of zero, which is worse than showing an error.
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A nominal annual rate divided into twelve equal monthly periods, equal payments throughout, and no fees. Real quotes add arrangement fees, insurance and sometimes a different compounding basis, so treat this as the floor rather than the price. Comparing two offers on this basis is still useful, because the same assumptions apply to both.
The amount is simply divided by the number of months. That sounds trivial, but the standard annuity formula has the rate in both the numerator and the denominator, so at zero it evaluates to nothing at all. Calculators that do not special-case it show NaN, or — worse — round it to zero and tell you the loan is free.
Because the absolute figure is hard to judge. Knowing that a loan costs 1,200 in interest means little until you know it is 12% of what you borrowed, and that number is comparable between offers of different sizes.
No. It is arithmetic, run in your browser, with the assumptions printed underneath. Whether a loan is a good idea depends on things a calculator cannot see.
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