Frequency of payment defines how regular you make repayments for any specific loan. The loan payment amount has a negative relationship with the loan payment amount frequency. If you increase or decrease the outflow of payment, the loan amount will respectively decrease or increase to respond to that change in frequency. Employing this calculator you will be able to gauge the amount of loan payment and amount of interest payment for different regularity of repayment.
The value of the loan.
Amount of money paid during each period.
Percentage rate of annual interest for the loan. This rate is not charged on the total amount, rather on the outstanding balance of this period after adjusting the previous period’s repayment. Again, this yearly rate is divided by the number of periods in a year to discover the periodic interest rate.
Number of payments
Required number of payments to repay the loan amount in full.
How frequently you want to make repayments. Payments can be made every week, every two weeks (bi-weekly), twice in a month (semi-monthly), every month, every two months (bi-monthly), every three months (quarterly), every six months (semi-annually), or every year.
The amount of total interest payment throughout the loan term. It is important that you make no prepayments of principal.
Total amount of principal and interest paid for the loan. Your must make sure that you make all the payments as per the schedule and avoid prepayment of principals.