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# Calculate average loan life of a term loan?

# How do home loan calculators work?

A home loan calculator determines the amount of loan payment one must pay. This calculator is found online. Once one enters variables such as interest rate and repayment term,… the loan calculator calculates the amount of prospective loan one will need to pay.

# What can you do when a loan officer misrepresents the terms of a loan?

It may be hard to prove that anyone misrepresented the terms if you signed a contract acknowleging the terms. I realize that contracts can be pages and pages of fine print, bu…t in the end, you are obligated to know the wording of your contract before you sign. You could contact a consumer attorney for advice.

# What is a reverse auto loan calculator?

A reverse auto loan allows you to enter monthly amount you want to spend, anticipated interest rate and trade-in value of your existing car, in order to calculate how much you… can afford on a new vehicle.

# How is a refund calculated on a precomputed loan?

A precomputed account is one in which the debt is expressed as a sum comprising the principal and the amount of the finance charge computed in advance. The total am…ount of each payment is subtracted from the balance which includes the principal and finance charges (interest). A simple interest (interest bearing) account is one in which the balance includes only the principal amount and the interest calculated from payment date to payment date is subtracted from the total amount of the payment and the remainder of the payment is subtracted from the principal balance. A precomputed account and a simple interest account with the same amount financed or principal balance, the same annual percentage rate and the same terms will have the same finance charge. If both accounts have payments made as contracted for the full term of the obligation, the finance charge will be the same for both accounts. The differences between the two accounts are in how payments to the accounts are actually made during the term. Delinquency Charges: Both types of accounts can have delinquency charges imposed if payments are not received within usually10 days of the date the payment is due. On a simple interest account you will also be paying interest for the days delinquent on a higher balance than the original total finance charge was computed, making you pay more finance charges than originally contracted. If you were over 10 days late in making your payments each month on an account with a $5,000 original unpaid balance with a 21% annual percentage rate for 24 months, you would pay $372.00 in delinquency charges on a precomputed account. You would have paid the $372 00 delinquency charges plus additional interest (finance charges) on any unpaid delinquency charges and the higher principal balance due to the delinquency on a simple interest account. Deferral Charges: Precomputed accounts can have a deferral charge imposed, if contracted for, on payments past due over 10 days. Deferral charges are based on the balance deferred times the annual percentage rate divided by 12. Deferral charges are not allowed on simple interest accounts. However, you would be paying a higher finance charge then originally contracted if your payments were delinquent or the lender allowed you to make an "interest only" payment. As you can see from the example above, being delinquent in your payments can be very costly over the term of an account plus being delinquent is reported on your credit records and future credit may be hard to secure. Prepayments in full: When you prepay a simple interest account , you owe the principal balance plus interest accrued since the previous payment. There is no rebate. When you want to pay off a precomputed account ahead of your contractual obligation, you are entitled to a rebate of the unearned finance charge based on the sum of the balances known as the Rule of 78's. The balance of a precomputed account includes the total finance for the full term of the contract. If it is prepaid in full before the maturity date, the unearned finance charges are subtracted from the balance to arrive at the amount due at time of the prepayment in full. The Rule of 78's is so named because a hypothetical installment account with a term of 12 months has 78 units calculated by adding the numbers 1 plus 2 plus 3 through 12. To compute the Rule of 78's decimal you take the number of months remaining in the term of the contract times that number plus 1. You divide that number by the number of months in the term times the term plus 1. The Rule of 78's decimal is then taken times the finance charge to compute the rebate. EXAMPLE: $5,000.00 amount financed $1,166.32 finance charge 24 payments of $256.93 21% annual percentage rate Date made 1-10-02 First payment due 2-10-02 Date prepaid 11-11-02 There are 11 months earned on the account (the creditor can take a full months earnings for 1 day into the next month in this example) and 13 months unearned. You can compute the rebate as follows: 13 X 14 divided by 24 X 25 = 182 divided by 600 = .3033 Rule of 78's decimal $1,166.32 X .3033 = $353.74 The finance charge rebate would be $353.74. The lender earned 69.67% of the total finance charge during the first 11 months of the 24 month contract. Finance charges earned by the Rule of 78s are the highest for the first months of the term because the balance of the amount financed is highest during that period. You can look at the following chart to see that the earned finance charge would be $812.54 after 11 months. A simple interest account with the same terms which was paid on the contracted due date each month and prepaid on 11/11/00 would have finance charges earned of $737.10, the unearned finance charge would be $429.22 (earning on for 10th month plus one day's interest) which is $75.48 less total finance charges then the precomputed account. If the account had prepaid on 11/10/00 (exactly 10 months), the total finance charge on the precomputed account would have been $758.11 ($1,166.32-408.21). This is still $22.96 more then the simple interest earned finance charge of $735.15 ($1,166.32-431.17). From the examples given, you can see that if you make your payments as contracted each month and prepay your account, a simple interest account will cost you less than a precomputed account. If you do not pay your account in full before the maturity date and pay as contracted for the full term of the account, there would be no difference in the cost between a precomputed account and a simple interest account. On the other hand, if you are constantly delinquent on your payments, a simple interest account will result in higher finance charges. A precomputed account is one in which the debt is expressed as a sum comprising the principal and the amount of the finance charge computed in advance. The total amount of each payment is subtracted from the balance which includes the principal and finance charges (interest). A simple interest (interest bearing) account is one in which the balance includes only the principal amount and the interest calculated from payment date to payment date is subtracted from the total amount of the payment and the remainder of the payment is subtracted from the principal balance. A precomputed account and a simple interest account with the same amount financed or principal balance, the same annual percentage rate and the same terms will have the same finance charge. If both accounts have payments made as contracted for the full term of the obligation, the finance charge will be the same for both accounts. The differences between the two accounts are in how payments to the accounts are actually made during the term. Delinquency Charges: Both types of accounts can have delinquency charges imposed if payments are not received within usually10 days of the date the payment is due. On a simple interest account you will also be paying interest for the days delinquent on a higher balance than the original total finance charge was computed, making you pay more finance charges than originally contracted. If you were over 10 days late in making your payments each month on an account with a $5,000 original unpaid balance with a 21% annual percentage rate for 24 months, you would pay $372.00 in delinquency charges on a precomputed account. You would have paid the $372 00 delinquency charges plus additional interest (finance charges) on any unpaid delinquency charges and the higher principal balance due to the delinquency on a simple interest account. Deferral Charges: Precomputed accounts can have a deferral charge imposed, if contracted for, on payments past due over 10 days. Deferral charges are based on the balance deferred times the annual percentage rate divided by 12. Deferral charges are not allowed on simple interest accounts. However, you would be paying a higher finance charge then originally contracted if your payments were delinquent or the lender allowed you to make an "interest only" payment. As you can see from the example above, being delinquent in your payments can be very costly over the term of an account plus being delinquent is reported on your credit records and future credit may be hard to secure. Prepayments in full: When you prepay a simple interest account , you owe the principal balance plus interest accrued since the previous payment. There is no rebate. When you want to pay off a precomputed account ahead of your contractual obligation, you are entitled to a rebate of the unearned finance charge based on the sum of the balances known as the Rule of 78's. The balance of a precomputed account includes the total finance for the full term of the contract. If it is prepaid in full before the maturity date, the unearned finance charges are subtracted from the balance to arrive at the amount due at time of the prepayment in full. The Rule of 78's is so named because a hypothetical installment account with a term of 12 months has 78 units calculated by adding the numbers 1 plus 2 plus 3 through 12. To compute the Rule of 78's decimal you take the number of months remaining in the term of the contract times that number plus 1. You divide that number by the number of months in the term times the term plus 1. The Rule of 78's decimal is then taken times the finance charge to compute the rebate. EXAMPLE: $5,000.00 amount financed $1,166.32 finance charge 24 payments of $256.93 21% annual percentage rate Date made 1-10-02 First payment due 2-10-02 Date prepaid 11-11-02 There are 11 months earned on the account (the creditor can take a full months earnings for 1 day into the next month in this example) and 13 months unearned. You can compute the rebate as follows: 13 X 14 divided by 24 X 25 = 182 divided by 600 = .3033 Rule of 78's decimal $1,166.32 X .3033 = $353.74 The finance charge rebate would be $353.74. The lender earned 69.67% of the total finance charge during the first 11 months of the 24 month contract. Finance charges earned by the Rule of 78s are the highest for the first months of the term because the balance of the amount financed is highest during that period. You can look at the following chart to see that the earned finance charge would be $812.54 after 11 months. A simple interest account with the same terms which was paid on the contracted due date each month and prepaid on 11/11/00 would have finance charges earned of $737.10, the unearned finance charge would be $429.22 (earning on for 10th month plus one day's interest) which is $75.48 less total finance charges then the precomputed account. If the account had prepaid on 11/10/00 (exactly 10 months), the total finance charge on the precomputed account would have been $758.11 ($1,166.32-408.21). This is still $22.96 more then the simple interest earned finance charge of $735.15 ($1,166.32-431.17). From the examples given, you can see that if you make your payments as contracted each month and prepay your account, a simple interest account will cost you less than a precomputed account. If you do not pay your account in full before the maturity date and pay as contracted for the full term of the account, there would be no difference in the cost between a precomputed account and a simple interest account. On the other hand, if you are constantly delinquent on your payments, a simple interest account will result in higher finance charges.

# What is a loan holiday for term loans?

A loan holiday is some period of time (e.g., one payment period, two payment periods, etc.) where the borrower is not required to make a payment and will not be penalized as a… result. For most loans, a holiday will not stop the loan from accruing interest, so when using a loan holiday, remember, you are paying additional interest for the privilege.

# What is a car loan payment calculation?

The easy-to-use auto loan calculator helps car buyers plan monthly car loan payments. Calculate car financing and car payments in advance to make a smart decision on how much …you might owe each month.

# What is car loan calculator?

A car loan calculator is a tool used to figure out how much your monthly car payment will be, based upon the cost of the vehicle, the number of years you'll be making the paym…ents, the interest rate and the down payment. It is a very useful way to see how much you can afford to spend on a car, particularly before you go looking at vehicles.

# How do you calculate a 12 month average balance on a loan?

The answer depends on when interest is calculated, how frequently payments are made, the interest rate being charged and the life time of the loan. There are a number of… "interest calculators" available on the Internet that can probably show you the answer - working out the answer from scratch means you'll need to add on the interest for each payment / interest cycle over the 12 months and then you can work out the average. If your using this to calculate your interest then an accurate calculation will depened on how your interest is calculated ie. daily monthly semi-annual, or annual. The simplist answer is take the balance of the loan at the end of each month, add them together and then divide by 12

# How interest is calculated in loan syndication?

interest=princibal x rate x time

# How to calculate a loan of 275000 with a 25 years loan term and at a 5.750 percent?

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# What is a home loans calculator?

A home loans calculator is an online tool designed by mortgage lenders to help you calculate your monthly installment. It will enable you to work out how much you can borr…ow, what term of years is right for you, how much your monthly repayments will be and the total amount you will pay if you keep the loan going through to its maturity date. It will allow you to compare lenders to get the best deal also.

# What is a personal loan calculator used for?

Personal Loan calculator is used for calculating the monthly installments one has to pay after taking the Loan. It gives you clarity on the principal amount, interest rate… and tenor. These installments are paid in the form of easy EMI i.e. Easy Monthly installments. Many Banks such SBI, PNB or IDBI and NBFCs like Bajaj Finserv / Tata Capital offers online calculator on their website.

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# What is the purpose of an amortization loan calculator?

The purpose of an amortization loan calculator, is to calculate the information including price and payment options regarding popular loans for mortgage, and others.

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# What is a loan payment calculator?

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty….The loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization.

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# How can a mortgage loan calculator be useful?

Like other types of payment calculators, a mortgage calculator is helpful to determine the exact cost and the monthly payment of a mortgage. It is helpful because good calcula…tors can help determine costs based on the life of the mortgage as well (i.e. 20 versus 30 years).

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# Where can one calculate interest of a loan?

The interest of a loan can be calculated by using the 'Loan Calculator' facility at the Bankrate website. One would need to know details, such as the interest rate and the loa…n term.

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# How can one calculate auto loan?

There are many ways one can calculate their auto loan. One can calculate auto loans by visiting popular on the web sources such as Capital One and Bank Rate.