A loan in which the interest rate do not alter through the whole expression of the loan reverse of adjustable rate A loan in which the interest rate does not modify through the whole term of the loan for an entity taking out a loan when rates are low, the fixed rate loan would permit him or her to "lock in" the short rates and not be worried with fluctuations. On the another hand, if interest rates were in the past elevated at the time of the loan, he or she would profit from a floating rate loan, since as the prime rate cut down to historically normal levels, the rate on the loan would reduce. Reverse of adjustable rate. A calculator is a small electronic device; it is used to achieve the fundamental operations of arithmetic. Modern calculators are more convenient than computers, while most PDAs are similar in size to handheld calculators.
Fixed rate calculator
Examples for the Fixed Rate Calculator:
Fixed rate calculator – Example 1:
Determine the payments and interest for a fixed rate loan, using monthly interest compounding and monthly payments. The purchase price $150, no of monthly payments is 2 months, and interest rate 5.000%, and the payment calculator computes the payment amount for you.
Solution:
Fixed rate calculator
The down payment amount is $11.00
The Loan amount is $ 139.00
Payment amount is $ 69.93
Interest rate is 5.000 %
Interest compounding: Monthly
Total amount financed: $139.00
Total payments: $139.87
Total finance charge: $0.87
Payment schedule:
Date Payment InterestPrincipal Balance
Loan 08-26-2010 139.00
1 09-26-2010 69.93 0.58 69.35 69.65
2 10-26-2010 69.94 0.29 69.65
2010 Total 139.87 0.87
Grand Total 139.87 0.87
More Examples for the Fixed Rate Calculator:
Fixed rate calculator – Example 1:
Determine the payments and interest for a fixed rate loan, using monthly interest compounding and monthly payments. The purchase price $100, no of monthly payments is 5 months, and interest rate 5.000%, and the payment calculator computes the payment amount for you.
Solution:
Fixed rate calculator
The down payment amount is $18.02
The Loan amount is $ 89.00
Payment amount is $ 18.02
Interest rate is 5.000 %
Interest compounding: Monthly
Total amount financed: $89.00
Total payments: $90.11
Total finance charge: $1.11
Payment schedule:
Event Date Payment Int PrincipalBalance
Loan 08-26-2010 89.00
1 09-26-2010 18.02 0.37 17.65 71.35
2 10-26-2010 18.02 0.30 17.72 53.63
3 11-26-2010 18.02 0.22 17.80 35.83
4 12-26-2010 18.02 0.15 17.87 17.96
2010 Total 72.08 1.04 71.04
5 01-26-2011 18.03 0.07 17.96
2011 Total 18.03 0.07 17.96
Grand Total 90.11 1.11
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