- Loan amount
- Total dollar
amount of your loan.
- Interest rate
(APR)
- The annual percentage
rate for this loan or line of credit.
- Term in months
- Number of months
for this loan or line of credit.
- Fixed loan
term
- Traditional amortization
produces a fixed monthly payment. The monthly payment calculated will
leave a zero balance at the end of the loan's term.
- 2%, 1.5% or
1% of balance
- Your minimum
payment is calculated as a percentage of the outstanding principal
balance. Your minimum payment will change each month, and if you only
make the minimum payment your balance will not be zero at the end
of your loan's term.
- 100% of interest
owed
- For lines paying
interest owed, your payment is 100% of the interest accrued during
the month but no principal. Your payment may not be fixed if your
interest rate or principal balance changes.
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