# Basic APR Calculator

Instructions:
• Enter your loan details: Loan Amount, Annual Interest Rate, Loan Term, and Payment Frequency.
• Click "Calculate APR" to calculate your Monthly Payment, Total Payment, and APR.
• View the loan balance chart below to visualize the loan balance over time.
• Click "Clear Results" to reset the form and chart.
• Click "Copy Results" to copy the calculated results to the clipboard.
Results

Monthly Payment:

Total Payment:

APR (Annual Percentage Rate):

Loan Balance Over Time
Calculation History

## Concepts

Annual percentage rate (APR) is the cost of borrowing money over a period of time, expressed as a percentage. It includes the interest rate plus any additional fees or charges associated with the loan.

## Formulae

The following formula is used to calculate APR:

``````APR = (Interest + Fees) / Principal * (1 / Time) * 100
``````

Where:

• APR is the annual percentage rate
• Interest is the total interest paid on the loan
• Fees are any additional fees or charges associated with the loan
• Principal is the amount of money borrowed
• Time is the length of the loan in years

## Benefits

There are a number of benefits to using a basic APR calculator:

• Helps you compare loans: An APR calculator can help you compare loans from different lenders. This can help you find the best loan for your needs and budget.
• Helps you understand the true cost of a loan: An APR calculator can help you understand the true cost of a loan, including the interest rate and any additional fees or charges. This can help you make an informed decision about whether or not to take out a loan.
• Helps you save money: An APR calculator can help you save money by helping you find the loan with the lowest APR.

## Interesting facts

• APR is required to be disclosed by lenders on all consumer loans.
• APR is calculated using a standardized formula, so it is easy to compare APRs from different lenders.
• APR can vary depending on a number of factors, such as the type of loan, the borrower’s credit score, and the amount of money being borrowed.

## Scholarly references

• The Truth in Lending Act: A Comprehensive Guide to Consumer Credit Laws by Michael B. Lacroix and Joseph G. Winer (2016)
• Consumer Finance: An Introduction by Philip L. Swan and James G. Ang (2018)
• Personal Finance: The Complete Guide by William G. Nickels, Susan J. Nickels, Bruce R. Miller, and Stephen J. Arnold (2020)

## Examples

The following table shows some examples of APR calculations:

## Applications

Basic APR calculators can be used by anyone who is considering taking out a loan. This includes students, borrowers, and small businesses.

## Conclusion

Basic APR calculators are a valuable tool that can help you compare loans, understand the true cost of a loan, and save money. If you are considering taking out a loan, be sure to use a basic APR calculator to help you make an informed decision.

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