LadkuLoanCalculator

A loan calculator is a financial tool that helps individuals, businesses, or financial institutions estimate the monthly payments and other details of a loan. It is commonly used to determine the affordability of a loan and to plan for the repayment schedule. Here's a description of the main components and functionalities typically found in a loan calculator:

• Loan Amount:
• This is the total amount of money borrowed or the principal amount of the loan. Users input this value into the calculator.

• Interest Rate:
• The interest rate is the cost of borrowing expressed as a percentage. It represents the additional amount you will pay on top of the loan amount. Users provide the annual interest rate.

• Loan Term:
• The loan term is the duration over which the loan will be repaid. It is usually specified in years. For example, a 5-year loan term means that the borrower will make monthly payments for five years.

• Monthly Payment:
• The calculator computes the monthly payment amount based on the loan amount, interest rate, and loan term. This payment includes both principal and interest.

• Total Interest:
• The total interest is the sum of all interest payments made over the life of the loan. It indicates the additional amount paid beyond the loan principal.

• Total Payment:
• The total payment is the sum of the loan amount and total interest. It represents the complete amount paid by the borrower over the loan term.