What is the formula to calculate monthly payments on loan?

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andy44
Posts: 7
Joined: Sat Mar 21, 2009 12:40 pm

What is the formula to calculate monthly payments on loan?

Postby andy44 » Sat Mar 21, 2009 12:52 pm

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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stapel_eliz
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Postby stapel_eliz » Sat Mar 21, 2009 5:23 pm

andy44 wrote:(I don't need to solve a problem, I would like to know the formula)

Try here for the value and the formula! :wink:

andy44
Posts: 7
Joined: Sat Mar 21, 2009 12:40 pm

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

Postby andy44 » Wed Mar 25, 2009 10:41 pm

Thank you very much.


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