WorksForWeb in all their classifieds scripts including Car Script offers this helpful feature. Loan calculator is used to estimate monthly payments of a loan.
Loan calculator is easy to use. Based on term of loan, interest rate, loan amount, the right monthly payment will be calculated for a particular financial situation. The term of loan is the amount of time it takes to repay the loan, the interest rate is the rate declared by the lender and the loan amount is how much user needs to borrow.
Users will get quick estimate of whether or not the loan is in their budgetary ballpark.
It is rough guide to estimate your commitments because each bank lends at different rates for different loans.
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