In order to calculate what you must pay each month to completely pay off a loan in a specified amount of time, you need a tool to help. For this course, you will use the loan payment table provided in your package on page 14. The table has some important parts. Roll your mouse over each section highlighted on the picture to get a description of that section. Located under the table is a description of what the numbers in the table represent.

To use this table for ANY loan amount (other than $1000), you first divide the loan amount by $1000 to get the number of $1000 units of loan you are purchasing. Then multiply the number of units by the number you find off the table. Look at the examples for more information.