# Calculate Interest Rates On Loans

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One use of the RATE function is to calculate the periodic interest rate when the amount, number of payment periods, and payment amount are known. For this example, we want to calculate the interest rate for \$5000 loan, and with 60 payments of \$93.22 each.

Interest rate: You can enter the rate you’ve qualified for or estimate your rate based on your credit score using the dropdown menu at the top of the calculator. Number of months: Enter the loan term, or how long you plan to take to pay off the loan. Results: There’s no need to search for a “calculate” button.

To calculate the amount of student loan interest that accrues monthly, find your daily interest rate and multiply it by the number of days since your last payment. Then, multiply that by your loan.

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It is designed to calculate the simple interest on a loan over a finite time period. This is NOT compound interest. The Simple Interest Calculation Formula is: loan amount (in dollars and cents) x Interest Rate x Maturity (in years) = total interest. enter the amount of the loan and the simple interest rate.

A good credit score can also get you a lower interest rate when you borrow. That means you will pay less over time. For example, if you’re buying a \$300,000 house with a 30-year fixed mortgage, and you have good credit, then you could end up paying more than \$90,000 less for that house over the life of the loan than if you had bad credit.

An interest payment is based upon the annual interest rate and the principal amount outstanding for the period. Presuming that you are making interest payments only on a term loan, divide the interest rate stated in the loan documents by the number of payments made in a year. Multiply the result times the principal outstanding.

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