How is a loan payment calculated?

Answer When you take out a loan, the bank sets up a repayment schedule that tells you how much you have to pay each month. Most loans have equal payments, but some offer interest-only payment options.Form... Read More »

Top Q&A For: How is a loan payment calculated

How is a mortgage payment calculated?

At the time of closing on a mortgage (buying the property), your bank will explain how the payment works. Most of the payment is principal and interest. Depending on the loan, personal mortgage ins... Read More »

Can I Put an Extra Loan Payment to the Principal of a Personal Loan?

You will have a minimum monthly payment amount on any personal loan. You must always repay at least this minimum amount, but you may choose to pay additional money to further reduce your principal-... Read More »

Can i put an extra loan payment to the principal of a personal loan?

On One Hand: Make Extra Payment To PrincipleUsually you can pay extra money on the principle of a personal loan. The extra payment will reduce the interest you pay over the life of the loan because... Read More »

How is a car loan apr calculated?

APR stands for annual percentage rate, which is the annual interest rate on the car loan. When you apply for a car loan, lenders take into consideration a number of factors when considering what in... Read More »