| 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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