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Number of Months Solution

STEP 0: Pre-Calculation Summary
Formula Used
number_of_months = log10((Monthly Payment/Interest Rate)/((Monthly Payment/Interest Rate)-Loan Amount))/log10(1+Interest Rate)
n = log10((p/i)/((p/i)-Loan Amt))/log10(1+i)
This formula uses 2 Functions, 3 Variables
Functions Used
log10 - Common logarithm function (base 10), log10(Number)
log - Logarithm function, log(Number, Base)
Variables Used
Monthly Payment- The monthly payment is the amount a borrower is required to pay each month until a debt is paid off.
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.
Loan Amount- The loan Amount is the original principal on a new loan or principal remaining on an existing loan.
STEP 1: Convert Input(s) to Base Unit
Monthly Payment: 28000 --> No Conversion Required
Interest Rate: 6 --> No Conversion Required
Loan Amount: 1000 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
n = log10((p/i)/((p/i)-Loan Amt))/log10(1+i) --> log10((28000/6)/((28000/6)-1000))/log10(1+6)
Evaluating ... ...
n = 0.123932781240678
STEP 3: Convert Result to Output's Unit
0.123932781240678 --> No Conversion Required
FINAL ANSWER
0.123932781240678 <-- Number of Months
(Calculation completed in 00.016 seconds)

10 Other formulas that you can solve using the same Inputs

EMI
equated_monthly_installment = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)) Go
Monthly Mortgage Payment
monthly_payment = (Mortgage Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods-1) Go
Monthly Payment
monthly_payment = (Loan Amount*Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods)-1 Go
Actuarial Method Unearned Interest Loan
actuarial_method_unearned_interest_loan = (Number of Remaining Monthly Payments*Monthly Payment*Annual Percentage Rate (APR))/(100+Annual Percentage Rate (APR)) Go
Monthly Payment of Car Loan
monthly_payment_of_car_loan = (Interest Rate+Interest Rate/((1+Interest Rate)^Months-1))*Principal Car Loan Amount 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
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

Number of Months Formula

number_of_months = log10((Monthly Payment/Interest Rate)/((Monthly Payment/Interest Rate)-Loan Amount))/log10(1+Interest Rate)
n = log10((p/i)/((p/i)-Loan Amt))/log10(1+i)

How to Calculate Number of Months?

Number of Months calculator uses number_of_months = log10((Monthly Payment/Interest Rate)/((Monthly Payment/Interest Rate)-Loan Amount))/log10(1+Interest Rate) to calculate the Number of Months, The number of months is the total number of months remaining until a debt is paid off. Number of Months and is denoted by n symbol.

How to calculate Number of Months using this online calculator? To use this online calculator for Number of Months, enter Monthly Payment (p), Interest Rate (i) and Loan Amount (Loan Amt) and hit the calculate button. Here is how the Number of Months calculation can be explained with given input values -> 0.123933 = log10((28000/6)/((28000/6)-1000))/log10(1+6).

FAQ

What is Number of Months?
The number of months is the total number of months remaining until a debt is paid off and is represented as n = log10((p/i)/((p/i)-Loan Amt))/log10(1+i) or number_of_months = log10((Monthly Payment/Interest Rate)/((Monthly Payment/Interest Rate)-Loan Amount))/log10(1+Interest Rate). The monthly payment is the amount a borrower is required to pay each month until a debt is paid off, Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets and The loan Amount is the original principal on a new loan or principal remaining on an existing loan.
How to calculate Number of Months?
The number of months is the total number of months remaining until a debt is paid off is calculated using number_of_months = log10((Monthly Payment/Interest Rate)/((Monthly Payment/Interest Rate)-Loan Amount))/log10(1+Interest Rate). To calculate Number of Months, you need Monthly Payment (p), Interest Rate (i) and Loan Amount (Loan Amt). With our tool, you need to enter the respective value for Monthly Payment, Interest Rate and Loan Amount and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
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