Assumptions and limitations
Assumes a fixed nominal annual rate divided by 12, equal end-of-month payments and a fully amortizing loan. The fee is deducted upfront and is not financed. It excludes other charges, taxes, variable rates, daily accrual differences and odd first periods. This is not a prescribed APR calculation.
The calculation
Monthly payment = principal × r ÷ [1 − (1 + r)^−months], where r is the annual nominal rate divided by 1,200. At 0% interest, payment = principal ÷ months.
No information entered here is sent to Mehmi. Review the provider’s written schedule and applicable disclosures before relying on any estimate.
Use the result in a comparison
Run the same assumptions for each proposal and read the offer comparison guide. For an MCA, also read factor rate versus APR.
Your next step
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