Amortized Loan: Paying Back a Fixed Amount Periodically

Approximate Payments:
Monthly payment: $
Total payment: $
Total interest: $

Deferred Payment Loan: Paying Back a Lump Sum Due at Maturity

Approximate Payments:
Amount Due at Loan Maturity: $
Total Interest: $

Bond: Paying Back a Predetermined Amount Due at Loan Maturity

Approximate Payments:
Amount Received When the Loan Starts: $
Total Interest: $

A loan is a contract between a borrower and a lender in which the borrower needs to repay the lender a sum of money loaned part by part over time in order to clear the debt.

There are three types of loans:
1. Amortized: pay back a fixed amount
2. Deferred: pay back a lump sum at the end of the loan term
3. Bond: pay back a predetermined lump sum at the end of the loan term