How Much Are You Paying to Borrow?

We all borrow money once in awhile. But interest charges can make borrowing expensive.

Remember this: If you can always 'clear your balance' (pay what you owe) before you get charged interest, then the interest rate won't matter.

But if you can't clear all your balances every month, use this calculator. Compare how much you're paying to buy on credit or take out loans.

This will save you money by showing you the cheapest ways to borrow. That is, when you really do need to borrow.

Just input your info into the calculator below. Then click 'submit' to get your report.

table1_header

Your Information

(Change the numbers below to fit your situation)

Your Result

	Federal Student Loan	Provincial Student Loan	MasterCard Visa	StoreCard	Line of Credit
Payment as Fraction of Purchase Price:	%	%	%	%	%
Effective Annual Rate (EAR) of Interest:	%	%	%	%	%
Number of Months to Pay Off Debt:
Total Amount Actually Paid for this Item:	$	$	$	$	$
Total Interest You Paid to Finance Purchase:	$	$	$	$	$
Percent of Markup, Compared to Cash Price:	%	%	%	%	%

Student Finance 101/Debt 101 thanks Professor Moshe Milevsky for allowing our calculator team to modify his code for "How Much Are You Paying to Borrow?"

Amended by the Student Finance 101/Debt 101 calculator team from code that was shared by Professor Moshe Milevsky. For more information about our calculator team, see About Us. For more on our copyrights, see Legal.

Price of the Item (or how much you borrow):	$
	Federal Student Loan	Provincial Student Loan	MasterCard Visa	Store Credit Card	Line of Credit
Annual Interest Percentage Rate (APR):	%	%	%	%	%
Frequency of interest rate compounding:
Your Monthly (Minimum) Payment:	$	$	$	$	$