Total interest {simple interest} can be a fixed percentage of loan. Monthly payments are a percentage of principal plus same percentage of total interest.
Loans {compound interest} can have period, rate, and factor. Multiply principal by factor to find total payments due. Subtract principle from that to find total finance charge. Divide total payments by months in period to find monthly payment.
examples
1 year, 12 months, at 1% = 1.0100. 1 year at 5% = 1.0500. 1 year at 8% = 1.0800. 2 years, 24 months, at 1% = 1.0201. 2 years at 5% = 1.1025. 2 years at 8% = 1.1664. 3 years, 36 months, at 1% = 1.0303. 3 years at 5% = 1.1249. 3 years at 8% = 1.2597. 5 years, 60 months, at 1% = 1.0510. 5 years at 5% = 1.2763. 5 years at 8% = 1.4693. 10 years, 120 months, at 1% = 1.1046. 10 years at 5% = 1.6289. 10 years at 8% = 2.1589. 15 years, 180 months, at 1% = 1.1610. 15 years at 5% = 2.0789. 15 years at 8% = 3.1722. 20 years, 240 months, at 1% = 1.2202. 20 years at 5% = 2.6533. 20 years at 8% = 4.6610. 30 years, 360 months, at 1% = 1.3478. 30 years at 5% = 4.3219. 30 years at 8% = 10.0627.
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Date Modified: 2022.0225