## Loan basics

### Wolfram|Alpha can compute monthly payments, effective interest rates and total interest paid over the life of a basic loan of any size or length—whether you're calculating a personal, student or business loan or a loan for a car, boat or other major purchase.

The simplest loan calculation requires only a total loan amount, a loan period and the annual percentage rate of interest on the loan. From these variables, Wolfram|Alpha can generate a custom report showing useful summary information about the loan period and overall costs. Loan calculations can be performed in any currency, and for any period or payment interval.