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Loan Payment Calculator
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.
Table of Contents:
Formula
N = [ - log ( 1 - [ ( r*A ) / P ] ) ] / ( log (1+r) )
Amount of periodic payments to satisfy mortgage loans, car loans and other loans is known as loan payment.
Example:
Calculate the number of payments for loan taken.
Details:
Loan Amount (A): 100000
Payment Amount (P): 5000
Rate of Interest (i): 5
Rate of Interest Compounded: Monthly
Solutions:
Apply formula:
N = [ - log ( 1 - [ ( r*A ) / P ] ) ] / ( log (1+r) )
N = 20.93
Therefore the number of loan payments is 21.
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