It can also calculate how much faster you'd pay off your debts by boosting your monthly payments and how much that would save you over the long run.
Consolidation loans are a popular way to get a handle on debt.
Prime Rate is an annual variable rate of interest announced by Royal Bank of Canada from time to time as its Prime Rate.
The above calculations assume that for each loan, the debt is repaid in equal monthly installments for the specified term with no balance left at the end of the term.
The calculation assumes a constant interest rate throughout the amortization period and the total interest cost is averaged over the life of the loan rounded to the nearest dollar.