Borrowing Payment Calculator
Our borrowing repayment calculator provides you with a guide to how your repayment reduces your loan Principal and Interest Loan.
To calculate the repayment amount for a loan, you’ll need the loan amount, the interest rate, and the loan term. With this information, you can calculate the monthly repayment using the formula:
Monthly Repayment = P * r * ((1+r)n/((1+r)n -1)
P = Loan amount
r = Monthly interest rate (annual interest rate divided by 12)
n = Number of months in the loan term
Let’s say you have a loan amount of $10,000, an annual interest rate of 5%, and a loan term of 3 years (36 months).
First, we need to calculate the monthly interest rate:
r= Annual Interest Rate /(12 × 100) = 5 /(12 × 100) = 0.0041667
Now, we can plug in the values and calculate the monthly repayment:
Monthly Repayment= 10000*0.0041667*(1+0.0041667)36/((1+0.0041667)
Using a calculator or spreadsheet software, you can compute the above expression to find the monthly repayment amount.
Please note that this is a simplified calculation, and there might be other factors such as fees or additional charges that could affect the actual repayment amount.
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|Pmt No.||Beginning Balance||Payment||Principal||Interest||Ending Balance||Total Payments|