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 = (LA*R*(1+R)^nc)/((1+R)^nc)-1
This formula uses 4 Variables
Variables Used
Monthly Payment - The Monthly Payment is the amount a borrower is required to pay each month until a debt is paid off.
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 the 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: 200 --> 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 = (LA*R*(1+R)^nc)/((1+R)^nc)-1 --> (200*6*(1+6)^10)/((1+6)^10)-1
Evaluating ... ...
p = 1199
STEP 3: Convert Result to Output's Unit
1199 --> No Conversion Required
FINAL ANSWER
1199 <-- Monthly Payment
(Calculation completed in 00.004 seconds)
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Credits

Created by Team Softusvista
Softusvista Office (Pune), India
Team Softusvista has created this Calculator and 600+ more calculators!
Verified by Himanshi Sharma
Bhilai Institute of Technology (BIT), Raipur
Himanshi Sharma has verified this Calculator and 800+ more calculators!

3 Loan Repayment Calculators

Loan Amortization
Go Monthly Payment = (Rate of Interest*Principal Loan Amount)/(Monthly Payments in Year*(1-(1+Rate of Interest/Monthly Payments in Year)^(-Monthly Payments in Year*Time in terms of year)))
Number of Months
Go Number of Months = log10((Monthly Payment/Interest Rate)/((Monthly Payment/Interest Rate)-Loan Amount))/log10(1+Interest Rate)
Monthly Payment
Go Monthly Payment = (Loan Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods)-1

Monthly Payment Formula

Monthly Payment = (Loan Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods)-1
p = (LA*R*(1+R)^nc)/((1+R)^nc)-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 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.

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 = (LA*R*(1+R)^nc)/((1+R)^nc)-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 the principal, by a lender to a borrower for the use of assets & 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 (LA), Interest Rate (R) & Compounding Periods (nc). With our tool, you need to enter the respective value for Loan Amount, Interest Rate & 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 & Compounding Periods. We can use 1 other way(s) to calculate the same, which is/are as follows -
  • Monthly Payment = (Rate of Interest*Principal Loan Amount)/(Monthly Payments in Year*(1-(1+Rate of Interest/Monthly Payments in Year)^(-Monthly Payments in Year*Time in terms of year)))
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