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Loan Balance Calculator
Table of Contents:
Formula
B = (A * (1+r)n) - [ (P/r) * ((1+r)n- 1 ) ]
Where,
B = Balance Amount
A = Loan Amount
P = Payment Amount
r = Rate of Interest (compounded)
n = Number of time periods
Rate of Interest compounded is,
If Monthly,
r = i / 1200
If Quarterly,
r = i / 400
If Half yearly,
r = i / 200
If Yearly,
r = i / 100
Loan balance is the net amount that is left along with the interest on loan after paying a certain sum of money to the lender. Loan balance can be calculated through the online loan balance calculator.
The amount remaining to be paid toward an obligation of loan is known as loan balance. It is also known as the balance of loan or depositary account
Example:
Calculate the loan balance for the given details:
Loan Amount (A): 1000000
Payment Amount (P): 10000
Rate of Interest (i): 5
Number of time periods (n): 60
Rate of Interest Compounded: Monthly
Solution:
Apply formula:
B = (A * (1+r)n) - [ (P/r) * ((1+r)n - 1 ) ]
B = (1000000*(1+0.05)60-[(1000/0.05)*((1+0.05)60-1)]
B = 603316.47
Therefore the loan balance is 603316.47
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