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monthly payment formula math. 360 12 monthly payments per year times 30 years Calculation. .
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The formula used to calculate loan payments is exactly the same as the formula used to calculate payments on an ordinary annuity. Since we are making monthly payments the number of payments per year is 12. 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.
Payment P x r n x 1 r nnt 1 r nnt - 1.
M is your monthly payment. The monthly payment formula is based on the annuity formula. Monthly Payment PMT Interest Rate Number of Payments To Pay Off Loan Amount 0. In the formula the number of months will be designated by the letter n What is My Interest Rate.
