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		Consumer Connection Being a Smart Consumer Shopping, Spending and Saving Wisely
Being a Smart Consumer Consumer News Shopping, Spending and Saving Wisely Canadian Consumer Handbook Resources for Businesses Problems and Complaints Advice on Products and Services Standards, Laws and Codes Consumer Policy and Research Publications		Spending Smarter - Cost of Borrowing Calculator Most of us borrow in one way or another to finance major purchases, but how you borrow can make a big difference in how much you end up paying. Use our calculator to compare. (Calculator | Example | Definitions | Application Notes) Your Information (Modify the values presented below according to your needs) Actual Purchase Price of the Item: $                 MasterCard Visa StoreCard Line of Credit Rent-to-Own Annual Percentage Rate (APR) % % %       Compounding Frequency of Interest Rate:       Number of Months   Monthly (Minimum) Payment to be Made: $ $ $ Monthly Payment $     Your Result   MasterCard Visa Store Card Line of Credit Rent-to-Own Payment as Fraction of Purchase Price: % % % Payment Fraction: % Effective Annual Rate (EAR) of Interest: % % % Implied Interest: % Number of Months to Pay-Off Debt:   *   *   *       Total Amount Actually Paid for the Item: $ * $ * $ * Total Paid: $ Total Interest Paid to Finance Purchase: $ * $ * $ * Interest Paid: $ * Percent Mark-up, Compared to Cash Price: % * % * % * Mark-up: % *

* If you receive an "ERROR" message while using this calculator, either the minimum monthly payment you are making for any one of the first three borrowing options is not large enough to cover the monthly interest payment, OR, under the "Rent-to-Own" contract, the total price paid for the item is less than the actual selling price of the item, signifying a negative interest payment which is highly unlikely to occur.

*We wish to thank York University Professor Moshe A. Milevsky, and researchers at the Individual Finance and Insurance Decisions (IFID) Centre, a non-profit corporation, housed at the Fields Institute in Toronto, for developing the content of this calculator.

		Created: 2005-05-30 Updated: 2005-10-17	Top of Page	Important Notices