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Calculate how many months it will take to fully pay your loan
Principal Amount
Interest Rate
Monthly Payment
 


An Example
This short example is showing the time required to pay off the debt under fixed monthly payment.
Principal Loan Amount (P) $2000
Interest Rate (I) 12%
Monthly Interest Rate (r) R/100*12=0.01
Interest paid in First Month ( P * r ) $2000*0.01= $20
Monthly Payment ( M ) $400
Principal Loan Amount Adjusted ( L = M - P * r ) $400-$20 = $380


Therefore, Principal Loan Amount outstanding at the end of First month
= ( P-L )
= $( 2000-380 )
= $1620


In the same way monthly payment will be amortized between Principal Loan Amount and Interest .
It will take 6 months to pay off the total debt under existing situation.
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