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What is the formula to get the monthly payment of a bank loan?

P= 8000

R= 4.50

n=12

time= 3

Guest Mar 18, 2017
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Use this formula:

PMT=PV. R.{[1 + R]^N / [1 + R]^N - 1}, Where R=Interest rate per period, N=number of periods, P=periodic payment, PV=Present value.

 

PMT =8,000 x 0.045/12 {[1 + 0.045/12]^(3*12) / [1+ 0.045/12]^(3*12) - 1}

PMT = 30 x                                            7.9325132.........

PMT = $237.98 - The monthly payment.

Guest Mar 18, 2017

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