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formula for simple interest loan payment. To find the monthly payment we solve this equation for Payment. In other words to borrow 120000 with an annual rate of 310 and to pay 1100 monthly.
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Interest I Principal P times Rate Per Period r times Number of Periods n Divide an annual rate by 12 to get r if the Period is a month. Additional loan payment calculators In addition to this simple loan payment calculator we. If you made your minimum payment on time each month youd pay 132274 in interest over the life of the loan.
The bank plans to pay 2 interest per year on the deposit of 100.
In other words to borrow 120000 with an annual rate of 310 and to pay 1100 monthly. The bank plans to pay 2 interest per year on the deposit of 100. Youll often find the formula written using an annual interest rate where the number of periods is specified in years or a fraction of a year. To calculate the interest for the first payment divide the the annual rate by 12 and multiply the result times the loan amount.
