Paying back the Money you Borrowed

So the bank came through and gave you that loan that you needed to open your new business. Now what?

Or are you looking to find out how big of a loan you can afford to take out? What will your monthly payments be and how long is it going to take you to pay back the loan?

Well, using the [Loan Amortization Template](../fileLibrary/Loan Amortization Template.xls) you can figure out the payments to pay the bank back. You will also see how much money you will pay in interest.

The working template found on this site demonstrates a $75,000 loan to be paid back monthly over 5 years at an 10% interest rate.

Click the Loan Resources tab in the right hand column to continue your research.