13-3: The Cost of Repaying a Loan

Key Concept

A loan is an amount of money borrowed for a period of time with the promise of paying it back.

Loan Account The principal is the amount of money borrowed. Loan length or loan term is the period of time set to repay the loan. The balance is the remaining unpaid principal.

A table.

Online Loan Calculator You can use an online loan calculator to find the fixed monthly payment required to pay off a loan in a given amount of time. Enter the loan amount, loan length, and interest rate. After you click the Calculate button, the monthly payment appears.

Loan Calculator for Compound Interest. Row 2: Length of loan is 60 months = 5 years.

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Table of Contents

Digits, Grade 8, Volume 2, Homework Helper Unit D: Two-Dimensional Shapes Unit E: Measurement and Data Unit F: Personal Financial Literacy Unit G: Step-Up Lessons English/Spanish Glossary Formulas Math Symbols Formulas Measures Properties