Loan repayment calculator

Set the amount, the yearly interest rate and the number of years to see the monthly repayment and total interest.

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Questions students ask

Why does a longer loan cost more?

Interest is charged on what you still owe, and you owe it for longer, so total interest rises even though each payment is smaller.

What formula does it use?

M = P × i(1 + i)ⁿ / ((1 + i)ⁿ − 1), i = monthly rate, n = months.

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