+0  
 
+1
161
1
avatar

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
 #1
avatar
0

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

8 Online Users

New Privacy Policy

We use cookies to personalise content and advertisements and to analyse access to our website. Furthermore, our partners for online advertising receive information about your use of our website.
For more information: our cookie policy and privacy policy.