Definitions
Payment: Payment for this loan.
Interest rate: Annual interest rate for this loan. Interest is calculated per period on the current outstanding balance of your loan at the annual rate divided by the number of annual periods.
Payment: The type of payment for this loan. The options are weekly (52 payments per year), biweekly (26 payments per year), semimonthly (24 payments per year), monthly (12 payments per year), bimonthly (6 payments per year), quarterly (4 payments per year), semiannual (2 payments per year), and annually (1 payment per year).
Number of payments: Number of periods for this loan. This is the total number of scheduled payments for the loan.
Loan amount: Total beginning loan balance.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
