1. What is the Latitude Personal Loan Calculator?

The Latitude Personal Loan Calculator helps you estimate your monthly loan payments based on the principal amount, interest rate, and loan term. It uses the standard loan payment formula to provide accurate payment estimates for Latitude Financial personal loans.

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

Where:

• \( P \) — Principal loan amount (AUD)
• \( r \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( n \) — Number of monthly payments (loan term in months)
• \( PMT \) — Monthly payment amount (AUD)

Explanation: The formula calculates the fixed monthly payment required to fully repay a loan over its term, including both principal and interest.

3. Importance of Loan Payment Calculation

Details: Understanding your monthly payment helps with budgeting and ensures the loan is affordable before committing. It also allows comparison between different loan options.

4. Using the Calculator

Tips: Enter the loan amount in AUD, annual interest rate as a percentage (e.g., 9.5 for 9.5%), and loan term in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Does this include Latitude's loan fees?
A: This calculates principal and interest only. Be sure to check Latitude's fee structure for any additional charges.

Q2: How accurate is this calculator?
A: It provides accurate estimates based on the inputs, but actual loan terms may vary based on credit assessment.

Q3: Can I use this for other types of loans?
A: While the formula works for any fixed-rate loan, terms may differ for other loan types.

Q4: What's a typical Latitude personal loan rate?
A: Rates vary based on creditworthiness, loan amount, and term. Check Latitude's current offers for accurate rates.

Q5: How can I reduce my monthly payment?
A: You can reduce payments by borrowing less, choosing a lower rate (if available), or extending the loan term.