Credits

Softusvista Office (Pune), India
Team Softusvista has created this Calculator and 500+ more calculators!
Bhilai Institute of Technology (BIT), Raipur
Himanshi Sharma has verified this Calculator and 500+ more calculators!

Monthly Payment Solution

STEP 0: Pre-Calculation Summary
Formula Used
monthly_payment = (Loan Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods)-1
p = (Loan Amt*i*(1+i)^n)/((1+i)^n)-1
This formula uses 3 Variables
Variables Used
Loan Amount- The loan Amount is the original principal on a new loan or principal remaining on an existing loan.
Interest Rate- Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.
Compounding Periods- Compounding Periods is the number of times compounding will occur during a period.
STEP 1: Convert Input(s) to Base Unit
Loan Amount: 1000 --> No Conversion Required
Interest Rate: 6 --> No Conversion Required
Compounding Periods: 10 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
p = (Loan Amt*i*(1+i)^n)/((1+i)^n)-1 --> (1000*6*(1+6)^10)/((1+6)^10)-1
Evaluating ... ...
p = 5999
STEP 3: Convert Result to Output's Unit
5999 --> No Conversion Required
FINAL ANSWER
5999 <-- Monthly Payment
(Calculation completed in 00.031 seconds)
You are here

11 Other formulas that you can solve using the same Inputs

Number of Months
number_of_months = log10((Monthly Payment/Interest Rate)/((Monthly Payment/Interest Rate)-Loan Amount))/log10(1+Interest Rate) Go
EMI
equated_monthly_installment = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)) Go
Future Value of a Present Sum when Compounding Periods are given
future_value = Present Value*(1+(Rate of Return/Compounding Periods))^(Compounding Periods*Number of Periods) Go
Present Value of a Future Sum when compounding periods are given
present_value = Future Value/(1+(Rate of Return/Compounding Periods))^(Compounding Periods*Number of Periods) Go
Present Value of Annuity
present_value_of_annuity = (Monthly Payment/Interest Rate)*(1-(1/(1+Interest Rate)^Number of Months)) Go
Future Value of Annuity
future_value_of_annuity = (Monthly Payment/Interest Rate)*((1+Interest Rate)^Number of Periods-1) Go
Loan Amount
loan_amount = (Annuity Payment/Interest Rate)*(1-(1/(1+Interest Rate)^Compounding Periods)) Go
Annual Percentage Yield
annual_percentage_yield = (1+(Stated annual interest rate/Compounding Periods))^Compounding Periods-1 Go
Nominal Interest Rate
nominal_interest_rate = Compounding Periods*((1+Effective Interest Rate)^(1/Compounding Periods)-1) Go
Future Value of a Present Sum when the total number of periods is given
future_value = Present Value*(1+Interest Rate)^Total Number of Periods Go
Present Value of a Future Sum when total number of periods is given
present_value = Future Value/(1+Interest Rate)^Total Number of Periods Go

1 Other formulas that calculate the same Output

Monthly Mortgage Payment
monthly_payment = (Mortgage Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods-1) Go

Monthly Payment Formula

monthly_payment = (Loan Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods)-1
p = (Loan Amt*i*(1+i)^n)/((1+i)^n)-1

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.

FAQ

What is Monthly Payment?
The monthly payment is the amount a borrower is required to pay each month until a debt is paid off and is represented as p = (Loan Amt*i*(1+i)^n)/((1+i)^n)-1 or monthly_payment = (Loan Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods)-1. The loan Amount is the original principal on a new loan or principal remaining on an existing loan, Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets and Compounding Periods is the number of times compounding will occur during a period.
How to calculate Monthly Payment?
The monthly payment is the amount a borrower is required to pay each month until a debt is paid off is calculated using monthly_payment = (Loan Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods)-1. To calculate Monthly Payment, you need Loan Amount (Loan Amt), Interest Rate (i) and Compounding Periods (n). With our tool, you need to enter the respective value for Loan Amount, Interest Rate and Compounding Periods and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
How many ways are there to calculate Monthly Payment?
In this formula, Monthly Payment uses Loan Amount, Interest Rate and Compounding Periods. We can use 1 other way(s) to calculate the same, which is/are as follows -
  • monthly_payment = (Mortgage Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods-1)
Share Image
Let Others Know
Facebook
Twitter
Reddit
LinkedIn
Email
WhatsApp
Copied!