Posted by Randy (SD) on November 05, 2005 at 09:30:47:

The note/loan calculator can be used to “solve” for unknown values. Suppose you have a $100,000 loan and 10% interest for 30 years and you want to know what your payment is, open the loan calculator:

enter loan amount $100,000

enter loan months 360

enter interest rate 10% (do not enter the%, just 10)

click the circle for monthly payment

click calculate = $877.57

Now suppose you’re loan has a ten-year balloon, you want to know what that balloon amount is, the only value you change is the loan months = 120 (for a ten-year balloon 120 months) click future value

click calculate = $90,938.34. Voila Magic…

You can solve for any unknown value, suppose you know the loan amount, the interest rate and the payment amount but you need to determine the term (number of months) enter the values known, click the unknown value and click calculate. They sell books on these things that will be $10 please.