Table of Contents:
P = (r * A ) / ( 1 - (1+r)-n)
P = Payment Amount
A = Loan Amount
r = Rate of Interest (compounded)
N = Number of Payments
Rate of Interest Compounded is,
r = i / 1200 and N = n * 12
r = i / 400 and N = n * 4
If Half yearly,
r = i / 200 and N = n * 2
r = i / 100 and N = n
The amount that the borrower needs to pay after every certain time period to the lender is known as loan payment amount. It is the equated monthly installment (EMI) against the loan taken. Calculate the payment amount through online payment amount calculator.
Online Calculation of loan payment through advanced online loan payment amount calculator.
Calculate the payment amount against loan taken.
Loan Amount (A): 1000000
Rate of Interest (i):5
Number of years (n):7
Rate of Interest Compounded: Monthly
P = (r * A) / (1 - (1+r)-n)
P = (0.05*1000000)/(1-(1+0.05)-7)
P = 14134.05
Therefore the amount need to payment against loan is 14134.05 per month.