Calculateur de Remboursement de Prêt Étudiant — Formule

## How Student Loan Interest Works

Interest accrues daily on your outstanding balance.

### Total Interest Formula

**Total Interest = (Monthly Payment x Number of Payments) - Principal**

### Daily Interest

**Daily Interest = Balance x (Annual Rate / 365)**

Early payments are mostly interest; later payments are mostly principal.

Exemple Résolu

A $30,000 loan at 6% interest over 10 years.

  1. Monthly rate = 6% / 12 = 0.5%
  2. Monthly payment = $333.06
  3. Total paid = $333.06 x 120 = $39,967
  4. Total interest = $39,967 - $30,000 = $9,967
  5. Interest as % of principal = ($9,967 / $30,000) x 100 = 33.2%