What is loan term calculator?

A loan term calculator is a tool that helps calculate the time period or duration of a loan, based on the loan amount, interest rate, and monthly payment amount. This calculator can be used to determine how long it will take to pay off a loan based on different payment scenarios.

To use a loan term calculator, you typically need to enter the loan amount, the interest rate charged by the lender, and the monthly payment amount. The calculator will then calculate the time period required to pay off the loan, based on the entered details.