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Monday, 15 March 2010
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Loan repayment calculator
If you have – or are thinking about – taking out a loan, this calculator allows you to work out how much interest you will pay over a given period of time and what your monthly repayments will be.
The calculation
If you wish to make these calculations yourself, these are the formulas you should use:
Total payment = ((APR/loan) x 100) + compound interest
Monthly payments = Total payments/months
Interest = Total payment - Loan amount
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