Enter the amount, rate and term. In an invented example, a $42,750 restaurant kitchen package at 10.15% over 54 months comes to $989.47 a month. Sections cover when the equipment or advance calculator fits better, a short working capital run, and DSCR math done by hand.
Equipment Loan Calculator or This One? Checkout Counters for a Myrtle Beach, SC Gift Shop
This calculator has no down-payment box. The calculator on the equipment financing page has one, which suits a purchase where the owner puts cash in first.
In this invented example, a Myrtle Beach, SC gift shop prices freestanding checkout counters and display cases at $15,200 and puts $2,000 down. Typing the $13,200 balance here at 10.8% over 48 months gives $339.88 a month and $16,314.24 in total payments (our arithmetic). The equipment calculator reaches the same payment from the full price and the down payment.
Freestanding counters can move with the shop if it relocates, and the dealer quote can list them as equipment, item by item.
A Working Capital Loan Calculator Run for a Myrtle Beach, SC Bar: Short Terms, Same Math
The math behind this calculator works for any fixed-payment loan, so a short working capital loan can be run here too.
Invented figures: a Myrtle Beach, SC bar asks about $7,300 to cover a payroll and a beer distributor’s invoice, at 13.1% over 9 months. The calculator returns $856.03 a month and $404.27 of interest. A restaurant’s $42,750 kitchen package (a combi oven, a reach-in freezer, a dish machine and prep tables) runs through the same formula:
| Case | Amount | Rate and term | Monthly payment | Total interest |
|---|---|---|---|---|
| Bar, working capital | $7,300 | 13.1%, 9 months | $856.03 | $404.27 |
| Restaurant kitchen package | $42,750 | 10.15%, 54 months | $989.47 | $10,681.38 |
| Restaurant kitchen package | $42,750 | 10.15%, 60 months | $911.47 | $11,938.20 |
Six more months on the kitchen package take $78.00 off each payment and put $1,256.82 more interest on the total. In every row, total repaid is the monthly payment times the number of months, and total interest is that figure less the amount, both from the payment rounded to the cent.
DSCR Commercial Loan Calculator Steps for a Myrtle Beach, SC Salon Weighing Facial Beds
DSCR, the debt service coverage ratio, divides the cash a business has left after operating costs by its yearly debt payments. The ratio is not one of this calculator’s outputs; the monthly payment it returns is the input the ratio needs.
In this invented example, a Myrtle Beach, SC salon has $31,200 a year left after operating costs and pays $14,400 a year on existing debt, a DSCR of 2.17. Two facial beds and a steamer priced at $12,600, at 11.4% over 36 months, add $414.90 a month, or $4,978.80 a year. The ratio becomes $31,200 ÷ $19,378.80 = 1.61 (our arithmetic).
Some partners may compare a ratio like this with a minimum of their own; it is one input a partner may weigh along with bank statements, credit and time in business.
Where to Run a Factor Rate Calculator on an Advance Offer for a Myrtle Beach, SC Bar
A factor rate is not an annual rate, so typing 1.3 into the rate box here gives a meaningless answer. A Myrtle Beach, SC bar holding an advance offer can run it on the merchant cash advance page, whose calculator takes the advance, the factor, the holdback and average daily card sales, and returns the total remitted, the cost and the business days to finish.
To compare the two, run the advance there and a loan of the same amount here, then set the advance’s cost beside this calculator’s total interest. An advance agreement states a purchased amount instead of an interest rate, which is why the two calculators sit on separate pages.
By Cedarbend Capital · Updated
