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what is the formula for finding monthly payment. 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. For example if the loan is for four years then the number of months is 4 12 or 48.
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For amortizing loans the monthly payment formula is. M L R 1 Rp 1 Rp - 1 M your monthly mortgage payment L the. Monthly Compound Interest Formula.
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. 100000 the amount of the loan r. You want to calculate monthly payments not annual payments so youll need the total number of months throughout the life of the loan. The formula used to calculate loan payments is exactly the same as the formula used to calculate payments on an ordinary annuity.
