Rule of 78 Loan Calculator
You think normal amortized loans are complicated? How about these bizarre
Rule of 78 loans?. Here the amount of your interest paid each month
is determined using a fixed linear scale. I could explain it all out, but I
don't want anyone to fall asleep and drop their mouse on the floor! Just put in some numbers and find out for yourself.
| Monthly Payment | 100
|
| Total Finance Charge | 200.00
|
| Annual Interest Rate | 20.0000
|
For 12 months, the magic rule number is 78
Payment Schedule
| Month | Start Balance | Interest | Principal | End Balance | Cum. Int. Paid | Interest left to Pay |
|---|
| 1 | 1000 | 30.77 | 69.23 | 930.77 | 30.77 | 169.23
|
| 2 | 930.77 | 28.21 | 71.79 | 858.98 | 58.98 | 141.02
|
| 3 | 858.98 | 25.64 | 74.36 | 784.62 | 84.62 | 115.38
|
| 4 | 784.62 | 23.08 | 76.92 | 707.70 | 107.70 | 92.30
|
| 5 | 707.70 | 20.51 | 79.49 | 628.21 | 128.21 | 71.79
|
| 6 | 628.21 | 17.95 | 82.05 | 546.16 | 146.16 | 53.84
|
| 7 | 546.16 | 15.38 | 84.62 | 461.54 | 161.54 | 38.46
|
| 8 | 461.54 | 12.82 | 87.18 | 374.36 | 174.36 | 25.64
|
| 9 | 374.36 | 10.26 | 89.74 | 284.62 | 184.62 | 15.38
|
| 10 | 284.62 | 7.69 | 92.31 | 192.31 | 192.31 | 7.69
|
| 11 | 192.31 | 5.13 | 94.87 | 97.44 | 197.44 | 2.56
|
| 12 | 97.44 | 2.56 | 97.44 | 0.00 | 200.00 | 0
|
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