ToolBox CS
Warning
Product support for ToolBox CS ended on October 31, 2022.
Help & How-To Center content for ToolBox CS may be outdated and is used at your own risk.
This calculator determines a payment amount and produces a payment schedule for a standard loan.
Example
What is the monthly payment for a $10,000 loan with a term of five years, paying 10% interest?
| Field | Input |
|---|---|
| Loan amount | $10,000 |
| Payments per year | 12 |
| Years of payments | 5 |
| Annual interest rate | 10% |
| Compounded | Payment Date |
In this example, the monthly payment is $212.47.
Notes
- The compounded daily calculation uses 365 days. The other option for compounding interest is each payment date.
- The difference between the interest rate and the effective interest rate is caused by the compounding of interest.
Copying and pasting loan payment schedules into Microsoft Excel or other applications
View this procedure to find out how you can copy loan payment schedules from this calculator to the system clipboard, and then paste them into Microsoft Excel or other applications.
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