Common Issues
Okay, let's take a look at this troubleshooting guide for the Balloon Payment Calculator. If you're having trouble with the calculations, first check that you've entered all the required information correctly. Make sure the loan amount, interest rate, and term length are accurate. Double-check the balloon payment percentage - that's a crucial input.
How to Fix Them
When you use the Balloon Payment Calculator, now, let's walk through a real-world example. Say you're financing a $30,000 car with a 5-year loan at 4. 5% interest. If you set the balloon payment to 20%, the calculator should show a monthly payment of around $500 and a final balloon payment of roughly $6,000.
