Monthly Payment:
$0.00
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Business Loan Calculator | Personal Loan Calculator | Interest Rate Calculator
A Student Loan Calculator is a great tool to estimate the monthly payment of a student loan based on the loan amount, interest rate, loan term, and any potential fees or deferment options.
I’ll provide a simple Student Loan Calculator that allows you to calculate the monthly payment for a student loan using the following variables:
- Loan Amount: The total amount of the loan.
- Interest Rate: The annual interest rate for the loan.
- Loan Term: The term of the loan in years.
- Fees (optional): Any additional fees for processing or other administrative fees.
- Deferment Option: An option to defer payments for a period (optional), which can affect the monthly payment calculation.
Formula Recap:
For monthly payment calculation: M=P⋅r1−(1+r)−nM = \frac{P \cdot r}{1 – (1 + r)^{-n}}M=1−(1+r)−nP⋅r
Where:
- MMM = Monthly payment
- PPP = Loan amount (principal)
- rrr = Monthly interest rate (annual rate divided by 12)
- nnn = Loan term in months (loan term in years multiplied by 12)
This Student Loan Calculator allows students to estimate their monthly loan payments, factoring in deferment, fees, and the terms of the loan.