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Frequently Asked Questions

How do you calculate interest rates on a loan?

To compute daily interest for a loan payoff, take the principal balance times the interest rate and divide by 12 months, which will give you the monthly interest. Then divide the monthly interest by 30 days, which will equal the daily interest.

What is the loan amortization formula?

Amortizing loans are set up so that early on in the loan life most of the payment goes toward interest, with a little bit greater proportion going toward paying down the principal with each additional payment. The formula for calculating an amortizing-loan monthly payment is A ={ i x P x (1 + i) ^n } / (1 + i)^n -1.

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