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Line and Loan Payment Calculator
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This calculator helps determine your loan or line payment. For a loan payment, select
fixed term loan. For a line payment, you can choose 2%, 1.5% , 1.0% of the outstanding
balance or interest only.
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Definitions
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- Loan amount
- Total dollar amount of your loan.
- Interest rate (APR)
- The annual percentage rate for this loan or line of
credit.
- Term in months
- Number of months for this loan or line of credit.
- Fixed loan term
- Traditional amortization produces a fixed monthly payment.
The monthly payment calculated will leave a zero balance at the end of the loan's
term.
- 2%, 1.5% or 1% of balance
- Your minimum payment is calculated as a percentage
of the outstanding principal balance. Your minimum payment will change each month,
and if you only make the minimum payment your balance will not be zero at the end
of your loan's term.
- 100% of interest owed
- For lines paying interest owed, your payment is
100% of the interest accrued during the month but no principal. Your payment may
not be fixed if your interest rate or principal balance changes.
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Information and interactive calculators are made available
to you as self-help tools for your independent use and are not intended to provide
investment advice. We can not and do not guarantee their applicability or accuracy
in regards to your individual circumstances. All examples are hypothetical and are
for illustrative purposes. We encourage you to seek personalized advice from qualified
professionals regarding all personal finance issues.
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