Calculate your personal loan rates with our simple Michigan personal loan calculator.
Calculating the cost of a personal loan in Michigan is easy using a calculation referred to as simple interest.
In order to conduct the calculation, you’ll need some information on the loan like the principal loan amount, the interest rate, and the total number of months or years (referred to as the terms) on the personal loan.
Your total interest can be calculated by doing the following math:
Loan Amount * Interest Rate * Time = Interest
For example, if you take out you want to calculate the interest on a $10,000 3 year personal loan at a 5 percent interest rate you would do the followings:
$10,000 x .05 x 3 = $1,500 in interest.
Our Goal at eMIloans is to provide access to personal loans, credit cards, student loans, and business loans in Michigan. We provide in-depth reviews, advice, and powerful tools for all things personal finance in Michigan. eMIloans.com is a LoanClose Company.
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*APRs, the amount you can borrow, and terms vary depending on the lending partner.
**Our partners offer personal loans with APRs ranging from 3.49% to 35.99% + applicable fees. Our personal loan partners offer terms between 2 to 8 years (24 to 84 months). We receive payment from lending partners. *** Example of a personal loan from one of our partners: A $7,000 loan with an origination fee of 5% will have a funding amount of $6,650, repayable in 36 monthly installments, with an APR of 16.74% would carry monthly a payment of $164 over 3 years.