–Output Goes Here–
This is a simple-interest monthly payment calculator; and is used to calculate the monthly payments of loans for vehicles and for mortgages, for example. This site is permanently accessible at jalford.co/mpc.
- The APR is written as a percentage; e.g. 4% interest is entered as “4”
- The finance amount is the principle of the loan; e.g. the selling price, plus tax, plus miscellaneous fees (title, license), minus down-payment / trade-in allowance.
- The term is the duration of the loan in months. A standard car-loan may be 6 years, or 72 months. Input is entered as “72”
- The days until first payment is optional. In car loans, the loan is postponed by 45 days for logistical purposes; however, interest is accumulated thus altering the payment slightly.
- The total of payments output does not include extraneous unlisted payments, like downpayment. For car loans, the total of payments includes the downpayment; simply add to the total of payments the downpayment for accuracy.