How can I make a comparison between two different loan proposals?

Is there a way or a website that can help me make a comparison between a 60 and a 72 months loan with a different interest rate?

How can I make a comparison between two different loan proposals?
Calculate the interest you have to pay. Try to compare the interest rates and then the no of months.


For simple interest formula is:


I=(P*T*R)/100


where P= Principle amount you are taking as loan


T=Time in years= (No of months)/12


R= Rate of interest


And I= The interest you have to pay.


In this way calculate for both the loans and see whose interest is low and choose that.


To know more you can visit


http://geteasyloans.blogspot.com


and


http://creditcardbiz.blogspot.com
Reply:There are a bunch of them. I have linked one. Although it says mortgage it will serve your purpose.
Reply:All things being equal, rate and loan amount, the longer you pay on a loan, the more money in interest you end up paying.





You should be able to plug in the terms into any loan calculator on line and see the differences in the two proposals.