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what is the formula for finding monthly payment. To calculate the monthly payment convert percentages to decimal format then follow the formula. The loan payment formula is used to calculate the payments on a loan.
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100000 the amount of the loan r. Using the RATE formula in Excel the rate per period r for a Canadian mortgage compounded semi-annually of 100000 with a monthly payment of 58445 amortized over 25 years is 041647 calculated using rRATE 2512-58445100000. Monthly compounding is calculated by principal amount multiplied by one plus rate of interest divided by a number of periods whole raise to the power of the number of periods and that whole is subtracted from the principal amount which gives the interest amount.
An annuity is denoted as a series of periodic payments.
To calculate the monthly payment convert percentages to decimal format then follow the formula. The annual rate is calculated to be 505 using the formula i2 000416471 122-1. Use this simple formula to calculate your monthly mortgage payments using the values you previously calculated. The formula used to calculate loan payments is exactly the same as the formula used to calculate payments on an ordinary annuity.
