**Testing Results: Once you have calculated for an unknown parameter, you can test it
by recalculating with the new value and set one of the other known parameters to
zero to determine if the test calculation matches the known you just replaced with zero.
**

**Printing a Schedule of Payments: When you are satisfied with the parameters of the loan, you can view a
schedule of payments on your screen, and if the final version, it can be printed out on
your printer or saved as an '.htm' file via your browser. **

** **

**Usage Scenarios:**

**1 - You are told how much
your payments, term and the interest rate are. How much are you borrowing??
You can use this to check whether the price you expect
to pay, less any down payment, agrees with this calculation of the amount you are
borrowing. it should be very close. Generally, you should round the principal
amount result you obtain with this calculator to the nearest dollar. Follow these
steps:**

**Enter: Payment Amount**
**Enter: Interest Rate**
**Enter: Years {term of loan}**
**Enter: 0 {zero} in Principal Amount**
**Check number of periods per year {12=monthly}**
**Press Calculate**

** **

**2 - You are told how much
your payments, term and the principal amount are. How much is your interest
rate?? You can use this to determine and compare the
interest of the loan. This calculation is an estimate of the interest rate.
Follow these steps:**

**Enter: Principal Amount**
**Enter: Payment Amount**
**Enter: Years {term of loan}**
**Enter: 0 {zero} in Interest Rate**
**Check number of periods per year {12=monthly}**
**Press Calculate**

**3 - You need to borrow an
amount, and know the interest rate that will be charged. How long will it take to
repay the loan if the payments are what you would like to pay??
You can also use this to determine and compare how increasing or
decreasing the payment amount affects the time it takes to repay the loan.
Follow these steps:**

**Enter: Principal Amount**
**Enter: Payment Amount**
**Enter: Interest Rate**
**Enter: 0 {zero} in Years {term of loan}**
**Check number of periods per year {12=monthly}**
**Press Calculate**

** **

**4 - You need to borrow an
amount, and know the interest rate that will be charged, and the number of years you can
take to repay the loan. What are my payments.
You can also use this to determine and compare how increasing or
decreasing the interest rate affects your repayment amount. Follow these
steps:**

**Enter: Principal Amount**
**Enter: Interest Rate**
**Enter: Years {term of loan}**
**Enter: 0 {zero} in Payment Amount**
**Check number of periods per year {12=monthly}**
**Press Calculate**