New Tool: Loan Payment Calculator
I’ve added a new tool to Liberta: Loan Payment Calculator.
You can use this calculator to find the monthly payment, effective interest rate, total interest and loan amortization schedule for any fixed interest rate loan.
There are many similar calculators available on the web, but this one is slightly more accurate.
Most of the loan calculators that exist (even the built in functions in Excel) don’t allow for differences in the compounding period and the payment schedule of a loan, while most banks compound on a daily basis, but collect payments on a monthly basis.
