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Canadian loan calculator help...
Canadian loan style assumes monthly payments and semiannual compounding.
This calculator will solve for any one of four possible unknowns: "Amount of Loan", "Total Scheduled Periods" (term), "Annual Interest Rate" or the "Periodic Payment".
Enter a '0' (zero) for one unknown value.
Normally you would set the "Payment Method" to "Arrears" for a loan. This means that the monies are lent on one day and the first payment isn't due until one period after the funds are received.
If the first payment is due on the day the funds are available, then set "Payment Method" to "Advance". This is typical for leases.
Bruno says:
This calculator sucks I can not calculate the payments
Karl says:
You’re right. I made some changes this morning trying to get a few calculators to load faster, but in my haste, I left out a step and I broke 5 calculators on the site.
If you still need to do the calculation, they are all fixed now.
NOTE: You may have to perform a hard refresh of the page if it doesn’t work right away:
Depending on your operating system all you need to do is the following key combination:
Above, from Refresh Your Cache.
Igho says:
The Canadian calculator is great, except you have it in GBP (Great British Pounds). Canada uses the dollar.
Because of that, I got a little nervous about the accuracy of the calculator, so I ran it in Excel just to be sure.
Karl says:
Thank you. Two things. The user can set the currency. In the lower right-hand corner of every calculator, you’ll see a currency symbol and date option. Click on that to open the window where you select the currency.
Secondly, the math does not change with respect to the currency. So even when the currency is set to something other than your local currency, the numbers will be correct.
Igho says:
Okay, so I just went through the website again and you’re absolutely right. You can change the currency. My apologies for missing that.
Also, I took the time to go through the mortgage calculator again as well as the retirement calculator. They are both PHENOMENAL!!! I’ve already used the mortgage calculator to produce a schedule for a deal I was trying to put together this weekend. What you’ve done here is absolutely great.
This website just became my Go-to for financial calculations.
Much appreciated.
Karl says:
Glad to hear! Thank you for letting me know.
I’m curious though about something. Do you have any idea why you saw the British Pound symbol at first? The website makes an attempt to load your country’s currency symbol and if all else fails, the site defaults to ‘$’. You should have never even been bothered with having to change currency.
Igho says:
Not a clue why?
I’m in Canada. I do use a VPN on my computer but it always connects to the USA. So, there should be no reason why it would default to GBP?