How to Calculate Loan Interest Using this Formula Loan Interest Calculator: How Much Will I Pay in Interest?Loan Interest Calculator: How Much Will I Pay in Interest?Calculate Simple Interest Principal, Rate, or Time05/06/2021 · Loan Amount: Term (years): Annual Interest Rate (%): = Monthly Payment. = Total Interest Paid on Loan. How Much You'll Pay in Loan Interest. If you borrow $20,000 at for 5 years, your monthly payment will be $ and you'll pay total interest of $2, over the term of the Loan Interest Calculator can help you determine the total interest over the life of your loan, as well as average monthly interest payments. Simply enter the beginning balance of your loan ;· This financial planning calculator will figure a loan's regular monthly, biweekly or weekly payment and total interest paid over the duration of the loan. Full usage instructions are in the tips tab below. Our site also offer specific calculators for auto loans & ;· If you take out a five-year loan for $20,000 and the interest rate on the loan is 5 percent, the simple interest formula works as follows: $20,000 x .05 x 5 = $5,000 in interest Orli Friedman/Bankrate30/06/2019 · When the amount of interest, the principal, and the time period are known, you can use the derived formula from the simple interest formula to determine the rate, as follows: I = Prt becomes r = I/Pt Remember to use 14/12 for time and move the 12 to the numerator in the formula above. Get your calculator and check to see if you're right.

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