Make some loan microsoft excel fomular, Fix current documets
Budget: $10 – $30 USD
Medical Loans Products
1) Medical Business secured Loan
A 3% monthly interest rate on a loan means that every month, the amount of interest charged on the loan will be 3% of the remaining loan balance. (I Must be able to edit) see attached document Medical_Loan_Calculator 2
Example Calculation:
Let’s break it down with an example:
Loan Amount (Principal): $1,000
Monthly Interest Rate: 3%
First Month:
Interest for the first month = $1,000 × 3% = $30
New loan balance after interest = $1,000 + $30 = $1,030
Second Month:
Interest for the second month = $1,030 × 3% = $30.90
New loan balance after interest = $1,030 + $30.90 = $1,060.90
And this process continues, with the interest being calculated based on the new balance each month.
2) Unsecured interest-only loan
Interest-Only Payments:
Principal Repayment:
After the interest-only period ends (often 3-12 months), you’ll be required to start paying off the principal, and your monthly payment will increase significantly. (I Must be able to edit) see attached document Medical_Loan_Calculator 2
Example:
Let’s say you take out an $10,000 interest-only loan at a 18% annual interest rate for 3 months, with the interest-only period lasting for 1 years.
During the Interest-Only Period:
Loan amount: $10,000
Monthly payment = $10,000 × 18% = $ 1800 (This is only the interest portion)
During this period, you pay $1800 each month, but you don’t reduce the principal.
After the Interest-Only Period (let’s say the full principal is due after 3 months):
Once the interest-only period ends, you will start repaying the principal (the $10,000 loan) plus interest. Depending on the loan terms, you could pay it off in equal monthly payments or as a lump sum at the end of the agreement. If you were to pay it off in equal installments, the loan might change to a traditional amortizing loan.
So, after 3 months interest-only payments, you would owe the full $10,000 principal, which you’ll start paying back in addition to the interest.
IMPORTANT
The Attached Document is not working as it should be, pls add proper fomulars
1) Document Loan_Calculator "Loan Term (Months override)" is how it should work when you change the fields to (more months or years). include this to Medical_Loan_Calcultor doc.
1) Medical Business secured Loan
A 3% monthly interest rate on a loan means that every month, the amount of interest charged on the loan will be 3% of the remaining loan balance. (I Must be able to edit) see attached document Medical_Loan_Calculator 2
Example Calculation:
Let’s break it down with an example:
Loan Amount (Principal): $1,000
Monthly Interest Rate: 3%
First Month:
Interest for the first month = $1,000 × 3% = $30
New loan balance after interest = $1,000 + $30 = $1,030
Second Month:
Interest for the second month = $1,030 × 3% = $30.90
New loan balance after interest = $1,030 + $30.90 = $1,060.90
And this process continues, with the interest being calculated based on the new balance each month.
2) Unsecured interest-only loan
Interest-Only Payments:
Principal Repayment:
After the interest-only period ends (often 3-12 months), you’ll be required to start paying off the principal, and your monthly payment will increase significantly. (I Must be able to edit) see attached document Medical_Loan_Calculator 2
Example:
Let’s say you take out an $10,000 interest-only loan at a 18% annual interest rate for 3 months, with the interest-only period lasting for 1 years.
During the Interest-Only Period:
Loan amount: $10,000
Monthly payment = $10,000 × 18% = $ 1800 (This is only the interest portion)
During this period, you pay $1800 each month, but you don’t reduce the principal.
After the Interest-Only Period (let’s say the full principal is due after 3 months):
Once the interest-only period ends, you will start repaying the principal (the $10,000 loan) plus interest. Depending on the loan terms, you could pay it off in equal monthly payments or as a lump sum at the end of the agreement. If you were to pay it off in equal installments, the loan might change to a traditional amortizing loan.
So, after 3 months interest-only payments, you would owe the full $10,000 principal, which you’ll start paying back in addition to the interest.
IMPORTANT
The Attached Document is not working as it should be, pls add proper fomulars
1) Document Loan_Calculator "Loan Term (Months override)" is how it should work when you change the fields to (more months or years). include this to Medical_Loan_Calcultor doc.