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Loan Calculator

Advanced Loan Calculator

🔢 Advanced Loan Calculator

📌 Frequently Asked Questions (FAQs)

🔹 What is Loan Interest?

Loan interest is the amount charged by a lender for borrowing money. It is typically a percentage of the loan amount.

🔹 What is Simple Interest?

Simple Interest is calculated as SI = (P × R × T) / 100, where P is the principal, R is the rate, and T is the time in years.

🔹 What is Compound Interest?

Compound Interest is calculated using the formula A = P (1 + r/n)^(nt), where n is the number of times interest is applied per year.

🔹 How Does Compounding Frequency Affect Loan Payments?

Higher compounding frequencies (e.g., monthly) result in higher total interest payments compared to annual compounding.

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