The calculator works out a level monthly payment from price, down payment, annual rate and months, then the total interest and total cost. It shows arithmetic only; fees, taxes and delivery are not in it.
Equipment loan calculator in Cartersville, GA: what restaurants compare
A restaurant pricing a kitchen package can start with one comparison: how much a shorter term raises the payment and how much interest a longer one adds. Here is that comparison for an invented package, with the four inputs the calculator takes:
| Input or result | 36 months | 60 months |
|---|---|---|
| Equipment price | $44,000 | $44,000 |
| Down payment | $0 | $0 |
| Rate (annual %) | 10.75% | 10.75% |
| Term (months) | 36 | 60 |
| Estimated monthly payment | $1,435.30 | $951.19 |
| Total interest | $7,670.80 | $13,071.40 |
| Total cost including down payment | $51,670.80 | $57,071.40 |
Going from 36 to 60 months takes $484.11 off each payment and puts $5,400.60 more interest on the bill. The calculator gives these same figures for these inputs.
Read the three results in order. The monthly payment answers whether the kitchen's weekly takings can carry it. Total interest is the price of the money itself, over and above the equipment. Total cost including the down payment is everything that leaves the business for the equipment over the term, and it is the figure to line up when two offers differ in both rate and months.
Down payment and term inputs for Bartow County, GA contractors
Contractors pricing a compact track loader or a skid steer may have a trade-in or cash to put down. The down payment input lowers the amount financed, and the calculator adds it back into the total cost so the comparison stays honest:
| Down payment | Estimated monthly payment | Total interest | Total cost including down payment |
|---|---|---|---|
| $0 | $1,394.20 | $17,652.00 | $83,652.00 |
| $6,600 | $1,254.78 | $15,886.80 | $81,886.80 |
| $13,200 | $1,115.36 | $14,121.60 | $80,121.60 |
Each $6,600 put down trims the payment and the interest. The total cost falls only by the interest saved, because the down payment itself is counted in it. The term input works the other way: more months, a smaller payment, more interest.
A forklift payment for a Cartersville, GA plant, worked by hand
Illustration only, invented figures: a $33,180 electric forklift with $3,318 down, so $29,862 is financed, at an annual rate of 8.9% over 48 months. The formula behind the calculator is payment = amount financed x r / (1 - (1 + r) to the power of minus n), where r is the monthly rate and n the number of months.
- Monthly rate: 8.9% / 12 = 0.741667% (r = 0.00741667).
- (1 + r) to the power of -48 = 0.701393, so 1 minus that = 0.298607.
- Payment = $29,862 x 0.00741667 / 0.298607 = $741.70 a month.
- 48 payments of $741.70 = $35,601.60; less the $29,862 financed leaves $5,739.60 of interest.
- Adding the $3,318 down payment gives $38,919.60 as the total cost.
Typing the same four inputs into the calculator returns the same payment, interest and total cost, to the cent. Working it by hand also shows where the interest comes from: each month, r times the remaining balance is interest (in month one, $221.48), and the rest of the payment reduces the balance.
Costs outside the calculator for Bartow County, GA equipment buyers
The calculator does level-payment arithmetic and nothing else. A real offer for a Bartow County, GA equipment buyer can include costs that sit outside it:
- Freight, delivery and rigging to set the machine in place.
- Sales tax on the purchase, where it applies; the buyer's tax preparer can say how.
- Documentation or origination fees named in the offer.
- Insurance the partner requires on the equipment while it is financed.
- A lease buyout at the end, if the route is a lease instead of a financed purchase.
Compare the rate, fees and total cost of each offer before signing, and ask for any cost the calculator cannot see to be shown in dollars. The equipment financing page covers leases, used machines and what can go on one request.
By Eagleglen Funding ยท Updated
