Purchase price
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Down payment
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Down payment: A down payment is the cash you deposit towards the purchase of equipment, or commercial vehicle. The larger the down payment, the less you are required to borrow. For equipment loans, a down payment of 20% of the equipment purchase price is generally required. The value of a trade-in can be used instead of a down payment when purchasing replacement equipment.
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Loan term (months)
Auto loan interest rate
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Interest rate: Interest rate is the cost of borrowing money as a yearly percentage. For investors, interest rate is the rate earned on an investment as a yearly percentage. The simple interest rate is interest paid or received divided by loan or deposit. For example, $100 in annual interest on a $1,000 loan or deposit is a simple interest rate of 10%. Compounded interest rate is determined by the frequency of interest payments during the loan or deposit term. For example, a 10% loan or deposit that is compounded quarterly equals a compounded rate of 10.38%. If compounded daily, the compounded interest rate increases to 10.52%. (For CD investors, compounded interest rate is called annual percentage yield.) Effective interest rate, or annual percentage rate (APR), is the true interest cost of borrowing. It includes fees and points you pay for a loan in the calculation. As a result, effective interest rate is higher than simple interest rate.
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Home equity loan interest rate
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Home equity loan: A home equity loan is a mortgage loan that is secured by the residual equity in your home. To calculate equity, subtract mortgage debt from your home value. Home equity loans allow a homeowner to make repairs or other home improvements, to refinance other debt, or to spend for general purposes. Unlike a home-equity line of credit, a home equity loan is an amortizing loan.
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Upfront costs: home equity loan
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Upfront costs: Upfront costs are fees and any other costs that you pay at a loan closing. This includes mortgage loans, as well as consumer and installment loans, such as home equity, refinancing, personal or auto loans. Upfront costs are also called closing costs. Upfront costs include the amount needed for a down payment, any prepaid interest, loan underwriting fees, and fees that you pay for ancillary services. These include fees for title search, appraisal and credit report.
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Your state + federal tax rate
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Tax rates: The Economic Growth and Tax Relief Reconciliation Act of 2001 cut individual income tax rates for all brackets except the 15% rate. A sixth tax bracket of 10% was also added for the first $6,000 ($8,700 in 2012) of income for single taxpayers, $10,000 ($12,400 in 2012) for single parents and $12,000 ($17,400 in 2012) for married taxpayers. For 2012, the six income tax rates are 10%, 15%, 25%, 28%, 33% and 35%.
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Your savings rate
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Saving rate: The saving rate is the percentage of income you save. The savings interest rate is the yearly interest rate you earn on your savings. It is used to calculate the opportunity cost of paying with cash.
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Predicted rate change
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Future interest rates: The future interest rate is your prediction of the magnitude of change in the interest rate used to price your loan. Future rates are assumed to change at the same rate every year.
