Simple Payment Calculator

Guide to Using the Simple Payment Calculator

Step 1: Enter the Principal Amount

Begin by entering the Principal Amount ($) in the provided input field. This represents the initial amount of money you are borrowing or investing. Ensure the amount is between the range of $1 and $1,000,000,000, and enter it to the nearest cent (using increments of 0.01).

Step 2: Specify the Annual Interest Rate

Enter the Annual Interest Rate (%) in the next field. This is the yearly interest rate that applies to the principal amount. Enter a value between 0% and 100%, rounding to two decimal places if necessary.

Step 3: Choose the Payment Frequency

Select the Payment Frequency from the available options. You can choose from:

• Monthly (12 payments per year)
• Bi-weekly (26 payments per year)
• Weekly (52 payments per year)

This step determines how often payments will be made each year.

Step 4: Enter the Term in Years

Specify the Term (Years), which indicates how long you plan to make payments or hold the investment. Input a whole number between 1 and 30 years.

Step 5: Review the Calculation Results

After entering all necessary input fields, the calculator will display the following results:

• Regular Payment Amount: The calculated payment amount, formatted in USD currency, which you will regularly pay according to your chosen frequency.
• Total Number of Payments: The total number of payments that will be made over the course of the term.
• Total Interest Paid: The total amount of interest that will be paid over the term, displayed in USD.
• Total Cost: The overall cost of the loan or investment, including both principal and interest, shown in USD.

Ensure to review these figures before finalizing your decision on any borrowing, lending, or investment activities.