| If
you know any 3 of a loan's 4 terms (principal, interest rate, payments
remaining, and payment amount), this calculator will help you to
find the missing term. For example, if you know the interest rate,
the payments remaining, and the payment amount, this calculator
will compute the current payoff amount of the loan. All results
should be interpreted as close approximations (testing to date has
shown results to be accurate within .002% of the actual).
Instructions:
Enter the 3 known loan terms in the appropiate entry fields
and click on "Compute." Note that when trying to find the interest
rate, please select a "guess" from the pull-down menu by the same
name. The closer your guess is to the actual interest rate, the
faster the calculator will arrive at a result. If you don't select
a "guess" the calculator automatically starts out at a 10% guess
and works up or down until it finds a close approximation. If
it turns out the actual rate is 19.95% it could take the calculator
as many 56,000 iterations to find the answer. On the other hand
if you had "guessed" 19% the calculator's iterations will be reduced
significantly.
Note:
Other than decimal points, do not enter
any other non-numeric characters (commas, dollar signs, percent
signs, etc.) in the entry boxes. Doing so will cause a JavaScript
error.
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