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by Magen
Mon Sep 19, 2011 7:30 am
Forum: Uncategorized
Topic: What is the formula to calculate monthly payments on loan?
Replies: 1
Views: 4279

What is the formula to calculate monthly payments on loan?

What is the formula to calculate monthly payments on loan? I need to use principal, annual interest rate, and loan term in years in the formula.

Example: $13,000 loan for three years, 8% interest

What is the monthly payment?

(I don't need to solve a problem, I would like to know the formula)

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