What is the formula to calculate monthly payments on loan?

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Magen
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Joined: Thu Sep 01, 2011 9:28 am
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What is the formula to calculate monthly payments on loan?

Postby Magen » Mon Sep 19, 2011 7:30 am

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)

nona.m.nona
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Joined: Sun Dec 14, 2008 11:07 pm
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Re: What is the formula to calculate monthly payments on loa

Postby nona.m.nona » Thu Sep 22, 2011 10:04 pm

Magen wrote:What is the formula to calculate monthly payments on loan?

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

You can find information online, such as here.


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