Nper the MONTHLY interest rate the monthly amount as a negative number the principal. Youll need to convert from percentage to decimal format to complete these steps. N Total of Months for the loan Years on the loan x 12 Example.
Ignore the last two variables and input your variables as follows.
Monthly Payment PMT Interest Rate Number of Payments To Pay Off Loan Amount 0. The formula used to calculate loan payments is exactly the same as the formula used to calculate payments on an ordinary annuity. P Principal Amount on the Loan. Free payment calculator to find monthly payment amount or time period to pay off a loan using a fixed term or a fixed payment.