Calculate monthly payments, total interest, and total cost of a loan.
The calculator uses the standard amortized loan payment formula:
M = P × (r / 12) × (1 + r / 12)^(12t)
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(1 + r / 12)^(12t) − 1
Where:
• P = loan amount
• r = annual interest rate (decimal)
• t = loan term in years
• M = monthly payment
P = 15,000 r = 4% t = 4 years Possible Output: Monthly Payment = 338.03 Total Interest = 1,224.96 Total Cost = 16,224.96