How to Calculate Monthly Payment?
Monthly Payment calculator uses monthly_payment = (Loan Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods)-1 to calculate the Monthly Payment, The monthly payment is the amount a borrower is required to pay each month until a debt is paid off. Monthly Payment and is denoted by p symbol.
How to calculate Monthly Payment using this online calculator? To use this online calculator for Monthly Payment, enter Loan Amount (Loan Amt), Interest Rate (i) and Compounding Periods (n) and hit the calculate button. Here is how the Monthly Payment calculation can be explained with given input values -> 5999 = (1000*6*(1+6)^10)/((1+6)^10)-1.