#Loan interest calculator plus

What interest rate am I receiving on my investment/savings? If you'd like to use a spreadsheet to calculate your interest, give this simple loan calculator spreadsheet from Vertex42 a try. Note that our interest rate calculator uses monthly compounding. That's where our calculator steps in, giving you a clear indication of what you may be paying. Whether you've taken out a mortgage or loan, it can be difficult to decipher the interest rate you're paying on it. Series of values to try, and then converges on the answer once the equation balances. This is a complex process resulting in a more accurate interest rate figure. Uses the Newton-Raphson method to calculate the What interest rate am I paying on my loan?Ĭalculating the interest rate you're receiving on your credit card or loan requires a series of loan calculations involving your initial loan amount, number of payments made and either the monthly payment or interest paid.

This means that interest is onlyĬalculated on the balance, not on the previously acrued interest. There may be some occasions where you may be loaning money, or receiving money, on the basis of a simple interest investment, without compounding. When calculating the interest rate you're receiving, you therefore have to compound the nominal interest rate to find an effective rate that includes the compounding.

#Loan interest calculator plus

Initial principal plus the interest already earned. This means that interest is calculated based upon your You may be borrowing the money from someone (loan) or lending it to them (savings or investment).įor common types of savings accounts and investments, you may be earning compound interest on your balance. An interest rate is a percentage that is charged by a lender to a borrower for an amount of money.

Use our interest rate calculator to work out the interest rate you're receiving on credit cards, loans, mortgages or savings.