Monthly Payment:
0.00
Loan Calculation Formula:
The formula for monthly payment on a loan is:M=P×r(1+r)n(1+r)n−1M = P \times \frac{r(1+r)^n}{(1+r)^n - 1}M=P×(1+r)n−1r(1+r)n
Where:
- MMM = Monthly payment
- PPP = Principal (loan amount)
- rrr = Monthly interest rate (annual rate divided by 12)
- nnn = Number of months (loan term in years multiplied by 12)
This will give the user a quick calculation based on their inputs.