Remaining Balance on Loan
You have taken a fixed-interest loan, but because of the interest calculation you do not know the amount you still owe. This calculator was created to help with that scenario - it will tell you the exact loan balance outstanding.
1. In the first line, enter the initial amount of the loan you received.
2. In the second line, enter the periodic repayment amount.
3. In the third line, enter the number of periodic repayments already made.
4. In the fourth line, enter the annual interest on the loan. For example, if the interest is 5%, input 5, and not 5%.
5. In the fifth line, select the frequency of the periodic repayment (monthly, quarterly, annually etc.)
6. The calculator will show the outstanding balance on the loan.
Michael took a loan of $10,000 to finance his studies.
The loan is paid off in annual installments of $1,500 each, and up till now 3 repayments have been made.
We type in 1,500 in the second line and 3 in the third line. The interest carries interest at 4% per annum.
In the last line we select "yearly", since the repayments are annual. The loan balance payable by Michael is $6,566.