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 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 (LA), Interest Rate (R) & Compounding Periods (nc) and hit the calculate button. Here is how the Monthly Payment calculation can be explained with given input values -> 5999 = (200*6*(1+6)^10)/((1+6)^10)-1.