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Step 1
Determine the original amount of the loan. This is done by adding in the principal of the loan and the amount of interest that must be paid back on the loan based on the interest rate provided when you took out the loan. Multiply the original amount by the interest percentage, and add that to the principal.
As an example, if you borrowed $12,000 at 6 percent interest, the $12,000 is the principal and the 6% is the interest rate. Multiply $12,000 by .06 (decimal equivalent of 6 percent). The result of this is $720. Add the $720 to $12,000. The total loan payment is $12,720. -
Step 2
Add together any payments that you have made on the loan so far. As an example, assume you have made 12 payments of $300 each. This means your total paid on the loan is $3,600.
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Step 3
Divide the total amount that have you have paid on your loan (computed in step 2) by the amount of your loan computed in Step 1, where you added the principal and interest together. In this example divide $3,600 by 12,720. The result is .283.
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Step 4
Multiply your result in step 3 by 100. In the example .283 multiplied by 100 gives a result of 28.3. This means that your loan is 28.3 percent paid, or the percentage of the loan that has been repaid.
