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Monthly Payment Calculator

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Loan Repayment

✖The Loan Amount is the original principal on a new loan or principal remaining on an existing loan.ⓘ Loan Amount [LA]			+10% -10%
✖Interest Rate is the amount charged, expressed as a percentage of the principal, by a lender to a borrower for the use of assets.ⓘ Interest Rate [R]			+10% -10%
✖Compounding Periods is the number of times compounding will occur during a period.ⓘ Compounding Periods [CP]			+10% -10%

✖The Monthly Payment is the amount a borrower is required to pay each month until a debt is paid off.ⓘ Monthly Payment [p]

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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)^CP)/((1+R)^CP-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: 20000 --> No Conversion Required
Interest Rate: 0.2 --> No Conversion Required
Compounding Periods: 10 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

p = LA*((R*(1+R)^CP)/((1+R)^CP-1)) --> 20000*((0.2*(1+0.2)^10)/((1+0.2)^10-1))

Evaluating ... ...

p = 4770.45513765718

STEP 3: Convert Result to Output's Unit

4770.45513765718 --> No Conversion Required

FINAL ANSWER

4770.45513765718 ≈ 4770.455 <-- Monthly Payment

(Calculation completed in 00.004 seconds)

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< Loan Repayment Calculators

Loan Amortization

LaTeX 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

LaTeX Go Number of Months = log10((Monthly Payment/Interest Rate)/((Monthly Payment/Interest Rate)-Loan Amount))/log10(1+Interest Rate)

Monthly Payment

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

Monthly Payment Formula

LaTeX Go

Monthly Payment = Loan Amount*((Interest Rate*(1+Interest Rate)^Compounding Periods)/((1+Interest Rate)^Compounding Periods-1))
p = LA*((R*(1+R)^CP)/((1+R)^CP-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 refers to a fixed amount of money that a borrower agrees to pay to a lender at regular intervals, typically on a monthly basis, as part of a loan agreement. 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 (CP) and hit the calculate button. Here is how the Monthly Payment calculation can be explained with given input values -> 4770.455 = 20000*((0.2*(1+0.2)^10)/((1+0.2)^10-1)).

FAQ

What is Monthly Payment?

The Monthly Payment refers to a fixed amount of money that a borrower agrees to pay to a lender at regular intervals, typically on a monthly basis, as part of a loan agreement and is represented as p = LA*((R*(1+R)^CP)/((1+R)^CP-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 refers to a fixed amount of money that a borrower agrees to pay to a lender at regular intervals, typically on a monthly basis, as part of a loan agreement 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 (CP). 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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