See exactly how long it will take to pay off a loan or credit card at a fixed monthly payment — and how much interest it will cost you along the way.
B is your current balance, r is the monthly rate (APR ÷ 12), and PMT is your fixed monthly payment.
$15,000 at 22% APR with a $500/month payment pays off in about 44 months and costs $6,977 in interest.
Estimate principal and interest with a full amortization schedule.
Calculate interest on a flat-rate deposit or loan using the I = P·r·t formula.
Project growth with periodic compounding and optional monthly contributions.