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Calculate your yearly, quarterly, monthly, weekly loan payments, the number of payments, loan principal, and interest paid.

Example: Loan amount $80,000 with an interest rate of 10 percent, and the loan term is one year.

Monthly payment calculated with the PMT financial function = (80000 x 0.05 ÷12) ÷ [1 - (1 + 0.05 ÷ 12)

^{(-12 x 1)}] = 333.33 ÷ 0.05 = $6,848.6

Total interest paid = $2,183.18

The loan term is 12 months means 12 paymentBut if you add an extra monthly payment of $5,000

Monthly payment will be = $11,848.6

Total interest paid will be = $1,318.72

Interest savings from extra payments = $864.46

Finish with 7 payments rather than 12 payments.

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