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monthly payment equation. In the example the monthly payment is obtained by entering either of these formulas. The loan amount P or principal which is the home purchase price plus any other charges minus the down payment The annual interest rate r on the loan but beware that this is not necessarily the APR because the mortgage is paid monthly not annually and that creates a slight difference between the APR and the interest rate The number of years t you have to repay also known as the term.
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The loan payment formula is used to calculate the payments on a loan. Also explore hundreds of calculators addressing other topics such as loan finance math fitness health and many more. With algebra that formula is M rP 01 rn 1rn 1 11 11 M r P 0 1 r n 1 r n 1.
For a 30-year mortgage your formula should resemble.
The program will display your monthly payment amount in the same cell you entered the formula into. For example if you would like to have your credit card account paid off 3 years from today enter the number of periods as 36. A loan by definition is an annuity in that it consists of a series of future periodic payments. In the example above this information would be entered as PMT 0005 180 100000.
