This is a tool that calculates the loan instalment at the specified repayment frequency.

For this calculation, it is necessary to supply the following information:

• The loan amount.
• The loan type, which is either repayment or interest only. A repayment loan is a loan where the loaned amount is paid off as well as the interest on the loan.
• The term of the loan in months.
• The payment frequency, for repaying the borrowed capital and/or interest, as a yearly, quarterly, monthly (default) or weekly amount.
• The annual interest rate, as an APR. It is important to note that this is an effective interest rate and is thus higher (except for annual repayment) than the corresponding nominal interest rate. On the tool form, the rate is usually expressed in percentage terms (unless the formatting is explicitly set to express it as a decimal).

Associated tool link: http://www.coggit.com/tools/loan_calculator.html