Planit:Loan Calculator Exercise

From Planipedia

See another exercise on Islamic riba-free mortgages, using the Present and Future Values Calculator.

See an exercise on a UK endowment-type mortgage.

Country Specific

Canada English

Solve for the following problem: You have just borrowed $1,600 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than $500 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of $15,000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of $500, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a $200,000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

United States of America

Solve for the following problem: You have just borrowed $1,600 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than $500 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of $15,000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of $500, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a $200,000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

Argentina

Solve for the following problem: You have just borrowed $6 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than $2 000 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of $60 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of $2 000, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a $765 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

Brazil

Solve for the following problem: You have just borrowed R$115 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than R$35 000 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of R$1 100 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of R$35 000, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a R$14 400 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

United Kingdom

Solve for the following problem: You have just borrowed £1 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than £300 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of £9 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of £300, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a £125 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

Russia

Solve for the following problem: You have just borrowed руб.50 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than руб.15 000 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of руб.450 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of руб.15 000, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a руб.6 000 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

China

Solve for the following problem: You have just borrowed ¥10 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than ¥3 000 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of ¥100 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of ¥3 000, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a ¥1 300 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

Malaysia

Solve for the following problem: You have just borrowed RM5 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than RM1 500 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of RM45 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of RM1 500, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a RM600 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

Singapore

Solve for the following problem: You have just borrowed S$2 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than S$650 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of S$20 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of S$650, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a S$260 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

Hong Kong

Solve for the following problem: You have just borrowed HK$12 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than HK$4 000 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of HK$115 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of HK$4 000, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a HK$1 500 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

India

Solve for the following problem: You have just borrowed 70 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than 20 000 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of 660 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of 20 000, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a 8 800 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

Caribbean

Jamaica   Solve for the following problem: You have just borrowed J$130 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than J$40 000 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of J$1 200 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of J$40 000, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a J$16 500 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased. Trinidad and Tobago   Solve for the following problem: You have just borrowed TT$10 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than TT$3 000 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of TT$90 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of TT$3 000, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a TT$1 200 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased. Barbados   Solve for the following problem: You have just borrowed Bds$3 000 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than Bds$1 000 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of Bds$30 000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of Bds$1 000, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a Bds$390 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased. Bermuda   Solve for the following problem: You have just borrowed BD$1 500 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than BD$500 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of BD$14 500 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of BD$500, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a BD$195 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased. Bahamas   Solve for the following problem: You have just borrowed B$1 500 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than B$500 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of B$14 500 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of B$500, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a B$195 000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased. Puerto Rico   Solve for the following problem: You have just borrowed $1,600 from the Local Bank at 15% per annum (p.a.) and will repay the loan in monthly installments over a 6-month period. Payments will cover interest due and repayment of principal. Determine the monthly installments of the loan, assuming monthly compounding. Solve for the following problem: You would like to buy a new car but cannot afford to make a monthly payment of more than $500 per month, in order to maintain your current lifestyle. Payments will cover principal and interest owed. Your bank offered to grant you a loan of $15,000 at a rate of 10% interest, compounded monthly. If you decided to take this offer, at a monthly payment of $500, how many months would it take you to pay off your loan? Solve for the following problem: This is the third anniversary of the first five year term of a $200,000 mortgage, with a rate of 10.25% compounded semiannually over a 20 year amortization period. Payments are made monthly. What is the balance of the mortgage after the three years (today)? What will be the balance at the end of the five (5) year term? The clients have decided to take advantage of increasing their payments on their mortgage loan by 10% each year starting at the first anniversary in order to save substantial funds. What affect will this have on: The balance of the mortgage after three years (today)? The balance at the end of the five (5) year term? TIP: After entering the anniversary lump sum into the appropriate field and recalculating you will notice the Amortization has decreased.

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