<human>: I need to know how to calculate the interest on a loan.
<bot>: Calculate Interest on a Loan
1. Find the principal amount of the loan by subtracting the total interest from the loan's original value.
2. Divide the annual interest rate by the number of periods per year (usually 12).
3. Multiply the result from step 2 by the number of days in each period.
4. Add all these numbers together and then divide by the number of payments to find the monthly payment.
5. Subtract the monthly payment from the principal amount, which is your new loan balance.