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: 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.
