- Loan amount
- The value of the loan.
- Payment
- Amount of money paid during each period.
- Interest rate
- 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.
- Payment frequency
- 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.
- Interest paid
- The amount of total interest payment throughout the loan term. It is important that you make no prepayments of principal.
- Total payments
- 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.