Loan Calculator - Definitions
| Term | Definition |
| Monthly payment | Monthly payment for this loan. |
| Interest rate | Periodic charge, expressed as a percentage, for the use of borrowed money. Interest rates may vary and are subject to approval by the lender. Please enter the estimated current market rate. |
| APR | The APR (annual percentage rate) is the yearly rate of interest and other fees paid to acquire the loan. The APR calculation incorporates fees and interest into a single rate. Lenders are required by law to disclose the APR. This rate is used to compare various loans. |
| Term | Number of months for this loan |
| Loan amount | Total amount of your loan. |