Interactive
An amortization calculator that shows the schedule of any installment loan month by month. The Scholar enters principal, rate, and term; the model produces the schedule and highlights how much of each payment goes to interest versus principal in each period.
Parameters
- — Principal, annual rate, term in months.
- — Optional additional monthly principal payment.
- — Optional lump-sum prepayment at a specified month.
Expected
A completed schedule. The Scholar writes a paragraph on what an additional $200 per month toward principal would save in total interest and shorten in term for their real mortgage or auto loan.
Interactive
A working model the Scholar operates to build intuition.