Frequently asked questions

What is interest rate?

Interest rate is the price of borrowed money expressed as percentage related to time period.

For example interest for $ 10000 loan and one year with 5 % annual interest rate is 10000 * (5/100) = $ 500

More info on wiki.

How Loan Master calculates interest?

Loan Master currently supports Actual/365 Fixed interest calculation method. Number of days per year is fixed and assumed to be 365 regardless leap year.

For example interest for January (31 days) and $ 1000 loan 5% annual interest rate is calculated as
10000 * (5% / 100) * 31 days / 365 (days per year) = $ 42,47

More info on wiki.

 

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Loan Master is advanced loan calculator. It doesn't gather personal data and doesn't offer loan products.