Installment Loans

**This is a simple software which is a good starting point in estimating the pay back amounts and total interest that you can expect to accrue on a loan if you are able to follow the payment schedule but is by no means the end of such a process. Crucially, its accuracy depends on the accuracy of your input which is a prognosis in itself and thus carries uncertainty and risk. You should always consult a qualified professional when making important financial decisions and long-term agreements, such as long-term mortgages, education loans, car loans, etc. Use the information provided by the calculator critically and at your own risk.

An installment loan is a loan with specified monthly payments, terms and interest, where the consumer borrows a fixed sum of money and agrees to make monthly payments of a set dollar amount until the loan is paid off, a period of months or years.

These types of loans are commonly used for the purchase of real estate, automobiles and other large value purchases such as furniture.

Georgiev G.Z., "Loan Calculator", [online] Available at: https://www.gigacalculator.com/calculators/loan-calculator.php URL [Accessed Date: 17 Sep, 2023].