Annual Percentage Rate Calculation
The Annual Percentage Rate (APR) is a function of the loan amount, the interest rate, the total added cost, and the terms. The difference between
the interest rate and APR is the extra cost that is added into the loan.
|Total Money Borrowed:
|Total Extra Cost:
To find the monthly payment for this loan first calculate the total loan amount which is $510,000. While the total
number of payments is 360 or one payment per month for thirty years. The monthly payment is $2,584.10 and the APR
is 4.673%. If the loan is held to the full thirty year term total payments will equal $930,274.23 and interest payments
will equal almost the entire original loan amount at $430,274.23.