Steps
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#*Read the label next to this field to determine whether the calculator uses months or years.
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#*Read the label next to this field to determine whether the calculator uses months or years.
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#Enter the start date. This is used to calculate the date when you'll finish paying off the loan.[[Image:Calculate Loan Payments Step 5 Version 2.jpg|center]]
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#Enter the start date. This is used to calculate the date when you'll finish paying off the loan.[[Image:Calculate Loan Payments Step 5 Version 2.jpg|center]]
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#Hit calculate. Some calculators will automatically update the "Monthly Payment" field after you enter the information. Others wait until you hit "calculate," then give you a chart or graph showing your payment schedule.[[Image:Calculate Loan Payments Step 6 Version 2.jpg|center]]
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#Hit calculate. Some calculators<ref>https://ift.tt/2PiIsio </ref> will automatically update the "Monthly Payment" field after you enter the information. Others wait until you hit "calculate," then give you a chart or graph showing your payment schedule.[[Image:Calculate Loan Payments Step 6 Version 2.jpg|center]]
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#*The "Principal" is the amount of the original loan left, while "Interest" is the remaining additional charge.
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#*The "Principal" is the amount of the original loan left, while "Interest" is the remaining additional charge.
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#*These calculators will display information for a "fully amortized" loan payment schedule, which means you will pay exactly the same amount each month.
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#*These calculators will display information for a "fully amortized" loan payment schedule, which means you will pay exactly the same amount each month.
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