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Compute the remaining part of a loan
Financial - Examples for the financial calculators
Friday, 12 September 2008 05:17

This is an example with the Accrued Interest Calculator. A second example deals with checking the interest received.

Suppose you borrow $ 5000 against 7% on April 4, 2009. On September 1 you pay $ 1000 back. Then on December 4 you borrow an extra $ 1000. You don't pay anything else, not even interest until the loan ends on October 10, 2010. On June 1, 2010 the interest increases to 8%. The computation answers the question how much you need to pay on October 10, 2010, and how much of this is interest.

First enter "2010-10-10" into the field End date. Then enter the other data into the calculator as outlined in the table below. Add new rows by clicking the plus (+) button. Then click Compute. The rows don't need to be entered in any specific order.

DateChange in balanceInterest rate (%)Remark
2009-04-04-50007First borrowed amount
2009-09-0110007Pay back $1000.
2009-12-04-10007Draw $1000 again.
2010-06-0108Increase of interest rate

The calculator will show the amount to be paid back after the text Balance including interest.

The input above can also be entered by cutting and pasting the text below into the tab Import form HTML and then clicking the button in that tab.