Instructions for using the Loan Calculator:

Enter the data asked for on the screen (Principal Amount, Interest Rate, Payment Period, Term/Length Of Loan, Payment Amount, optional First Payment Date). Press CALCULATE to calculate the loan. When CALCULATE is pressed, the loan calculator will build a new screen (web page) with your loan data included. Below is a summary of the fields (data) to be entered.

• PURCHASE PRICE - Enter the sale amount of the item you are financing.
• DOWN PAYMENT - Enter the amount (if any) you are putting down on the purchase.
• SALES TAX - Enter the percentage (if any) of sales tax applicable to this purchase. Enter 5% as 5
• YEARLY INTEREST RATE - Enter the yearly interest rate (APR) for the loan. Enter 10.5% as 10.5
• PAYMENT PERIOD - Choose one option:   
• Monthly - 30 days.   
• Annually - 360 days.   
• Quarterly - 90 days.
• TERM (LENGTH OF LOAN) - Choose one of several options for the length of the loan.
• PAYMENT AMOUNT - This field should be set to 0 if you would like the loan calculator to figure the payment amount for each pay period.
  However, the PAYMENT AMOUNT field is provided so that if you know the payment amount of each loan payment, you can enter it here and the loan calculator will use this payment as the basis of its other loan calculations (such as calculating the term). This feature is useful if you have a loan and you would like to see the amortization and/or payment dates for that loan. If you do enter a payment amount, you must set TERM (LENGTH OF LOAN) to Calculate Term
• FIRST PAYMENT DATE - Enter a date here if you wish the loan calculator to date each payment. Entering this field is optional. This field is only used if CALCULATE DETAILED PAYMENT AMORTIZATION is set to YES.
• IS THIS A MORTGAGE LOAN? - CHECK THIS if you wish to calculate the loan estimate as a mortgage loan. Calculating the loan estimate as a mortgage loan will figure estimates for taxes and insurance and add these estimates to your payment. Checking this option will also display estimated closing costs according to points. This option has no effect if the PAYMENT AMOUNT field is other than 0. UNCHECKED is the default.
• CALCULATE DETAILED PAYMENT AMORTIZATION - CHECKING this option will cause the calculator to display each payment (with a payment date if you entered FIRST PAYMENT DATE), along with displaying the interest accrued during the period, amount applied, and the new balance. UNCHECKED is the default. Be aware that the calculation and display of each payment can considerably slow or disrupt display of the results in some browsers.