An amortization calculator is a financial tool that helps users determine the breakdown of loan payments over time. It calculates how much of each payment goes toward paying off the principal (the original sum borrowed) and how much goes toward interest. This is particularly useful for loans that have a fixed repayment schedule, such as mortgages, auto loans, or personal loans. Here’s how an amortization calculator typically works: 1. **Loan Amount**: The total amount of money borrowed.
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