Calculate your personal loan rates with our simple Michigan personal loan calculator.
Calculating the cost of a personal loan in Michigan is easy using a calculation referred to as simple interest.
In order to conduct the calculation, you’ll need some information on the loan like the principal loan amount, the interest rate, and the total number of months or years (referred to as the terms) on the personal loan.
Your total interest can be calculated by doing the following math:
Loan Amount * Interest Rate * Time = Interest
For example, if you take out you want to calculate the interest on a $10,000 3 year personal loan at a 5 percent interest rate you would do the followings:
$10,000 x .05 x 3 = $1,500 in interest.