Simple Interest Loan Calculator
Personal Loans Calculator
Personal Loan Calculator
APR Amount1 0%
Total Repayment Amount $0
Please note that this calculator is provided only for educational purposes and is not reflective of specific loans terms available. Mariner Finance does not guarantee the accuracy of the calculator, and the calculator is not intended to provide financial, insurance, tax, or legal advice. Mariner Finance offers loans with interest calculated based on state-specific law, which will be either simple interest or pre-computed interest as required. All terms of any loan offer will be fully disclosed to the fully disclosed to the applicant on his/her loan agreement.
How to calculate simple interest loan payments ?
The formula used in the simple interest loan calculator is:
Interest = Principal x interest rate x term in years.
Consider the following example:
- Principal amount =$3,000.00
- Interest rate= 18.99% per year or 0.1899
- Term= 3 years
To calculate the simple interest on the principal amount for a three year term, use the above formula: $3,000 × 0.1899 × 3= $569.70
Typically, simple interest will be added to the principal amount. So, if you borrowed a principal amount of $3,000.00, the total amount you would have to repay .
with interest is $3,000.00 + $569.70 = $3,569.70.
Understanding your loan calculator results
Estimated monthly payment: This amount is what you can expect to pay each month, based on the loan amount, loan term and your estimated APR.
APR: Most personal loans carry fixed rates, meaning your interest rate and payments will not change over the life of the loan. APRs also include origination fees, which are one-time fees to cover the cost of processing your loan.
Total repayment amount: This amount is the total you will repay, including interest, at the end of the loan.