Maximize Your Loan Repayment Plan with People’s Choice Loan

Calculator

If you’re in the market for a loan, whether for personal or business purposes, it’s important to clearly understand how much you’ll need to repay and over what period. This is where a loan calculator comes in handy. And one of the best options is the People’s Choice Loan Calculator.

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• About this calculator

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Calculator Information

The Equipment Finance Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan product. The Equipment Finance Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment. The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.

Calculator Assumptions

Length of Month

All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.

Number of Weeks or Fortnights in a Year

One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.

Rounding of Amount of Each Repayment

In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.

Rounding of Time Saved

The time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.

Amount of Interest Saved

This amount can only be approximated from the amount of time saved and based on the original loan details.

Calculator Disclaimer

The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.

Feel free to use our Equipment Finance Calculator

Loan Amount Please enter your loan amount here.

$

Loan TermsPlease enter the number of years in which you plan to repay the loan.

Months

Repayment Frequency

Payment Mode In Advance In Arrears

Interest RateThe interest rate will default to the product you selected. You can also change the rate up or down to understand the effect on your repayments and total interest payable.

Balloon Amount

$

Repayment Chart Loan Amortisation Table

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Period	Payment	Interest	Balance

Monthly Payment (incl fees)

$ per month for

Total interest payable

$ over

Balloon amount (30.00%)

$3,000.00

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Calculator Disclaimer

The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.

What is the People’s Choice Loan Calculator?

The People’s Choice Loan Calculator is a free online tool that allows you to calculate the monthly repayments and total cost of a loan. All you need to do is enter the loan amount, interest rate, and loan term, and the calculator will do the rest. The result will give you an estimate of the monthly repayments, the total interest payable, and the total loan cost.

Why Use the People’s Choice Loan Calculator?

The People’s Choice Loan Calculator is an incredibly useful tool for anyone considering a loan. It provides an easy way to compare different loan options and helps you make informed decisions about your finances. Here are some of the reasons why you should use it:

1. Helps you budget – By entering the loan amount and repayment period, you can estimate your monthly repayments and see how much you’ll be paying each month. This will give you a better idea of how much you can afford to borrow and help you budget accordingly.
2. Compares loan options – The People’s Choice Loan Calculator allows you to compare different loan options based on the interest rate, loan amount, and repayment period. This can help you find the best loan for your needs and budget.
3. Helps you plan for the future – With the estimated monthly repayments and total cost of the loan, you can plan for the future and make sure you’re prepared to make your repayments on time.
4. Accurate and reliable – The People’s Choice Loan Calculator uses the latest algorithms to provide accurate and reliable results, making it a trusted tool for loan calculations.