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what is the monthly payment formula. The NPER argument is 3012 for a 30 year mortgage with 12 monthly payments made each year. The rate argument is 5 divided by the 12 months in a year.
Loan Payment Formula Math Education Payment from in.pinterest.com
R Rate of interest. Assume you have an APY or APR of 10. Generally when someone deposits money in the bank the bank pays interest to the investor in the form of quarterly interest.
To do this well divide the interest rate by the number of periods in this case 12 to find the monthly interest rate.
The PV or present value portion of the loan. Monthly Payment PMT Interest Rate Number of Payments To Pay Off Loan Amount 0. Monthly payment for 5 year auto loan with a principal. The final amount is your total monthly mortgage payment.
