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Loan Amount Calculator
Table of Contents:
Formula
A = ( P / r ) * [ 1 - (1+r)-n
Where,
A = Loan Amount
P = Payment Amount
r = Rate of Interest (compounded)
N = Number of Payments
Rate of Interest Compounded is,
If Monthly,
r = i / 1200 and N = n * 12
If Quarterly,
r = i / 400 and N = n * 4
If Half yearly,
r = i / 200 and N = n * 2
If Yearly,
r = i / 100 and N = n
Loan is defined as a type of debt where a lender gives money or property to a borrower and the borrower agrees to return the property or repay the money, usually along with interest at some future points in time. Calculate the loan that you can afford to take and repay through advanced online loan calculator.
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower. The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan.
Example:
Calculate the Loan Amount for the given details:
Payment Amount (A): 10000
Rate of Interest (i): 2%
Number of years (n):5
Rate of Interest Compounded: Monthly
Solutions:
Apply Formula:
A = ( P / r ) * [ 1 - (1+r)-n ]
A = (10000/0.02)*[1-(1+0.2)-5]
Loan Amount (P): 570545.89
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