How to Use
Using the Weekly Payment Loan Calculator is easy. Simply enter the loan amount, interest rate, and the loan term in weeks. Click the “Calculate” button, and the calculator will instantly generate the weekly payment amount.
The formula used for calculating the weekly loan payment is based on the standard formula for loan payments:
- is the weekly payment,
- is the weekly interest rate (annual interest rate divided by 52),
- is the present value or loan amount, and
- is the total number of weeks in the loan term.
Let’s consider an example:
- Loan Amount (): $10,000
- Annual Interest Rate: 5%
Using the formula, the weekly payment () can be calculated.
Q: Can I use this calculator for monthly payments?
A: No, this calculator is specifically designed for weekly loan payments. For monthly payments, a different formula and code structure would be required.
Q: Is the interest rate input in decimal or percentage?
A: The interest rate should be entered as a percentage.
Q: What if I enter a negative loan term or amount?
A: The calculator requires positive values for the loan amount and term. Negative values may result in inaccurate calculations.