Loan Payments are installments paid by the consumer to the lender, usually on a monthly basis, for a specific agreed-upon time. Calculate the breakup of the EMI that you will pay on the loan taken between principal payment and interest payment.
Amount of periodic payments to satisfy mortgage loans, car loans and other loans is known as loan payment.
Calculate the number of payments for loan taken.
Loan Amount (A): 100000
Payment Amount (P): 5000
Rate of Interest (i): 5
Rate of Interest Compounded: Monthly
Therefore the number of loan payments is 21
N = [ - log ( 1 - [ ( r*A ) / P ] ) ] / ( log (1+r) )
N = 20.93