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what is the formula to calculate monthly payments on a loan. NPERC6 12 C7 - C5. Because you are finding your monthly payment you need to reduce the APR to a monthly percentage rate.
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If you wanted to calculate a five-year loan thats paid back monthly you would enter 512 or 60 for the number of periods. In the example shown the formula in C10 is. In the above equation.
M L R 1 Rp 1 Rp - 1 M your monthly mortgage payment L the.
To calculate a loan payment amount given an interest rate the loan term and the loan amount you can use the PMT function. Follow the steps below for a detailed guide to using this formula or refer to this quick explanation of each variable. NPERC6 12 C7 - C5. For example if you have a 200000 30-year loan at 11 percent interest your monthly percentage rate is 11120091667.
