Financial calculator

Loan Repayment

Calculate monthly repayment using the loan repayment formula.

Loan principalAnnual rate (%)Number of monthly payments

Monthly repayment: -

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Calculation explained

How this result was calculated

The formula, your substituted values, and the evaluated result are shown below.

Reference: Formulae and Tables, State Examinations Commission (2014), page 32.

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How the Loan Repayment works

This calculator applies the formula given in Formulae and Tables, State Examinations Commission (2014), page 32. Enter values in consistent units.

Formula and inputs

principal × (rate ÷ 1200) × Math.pow(1+rate ÷ 1200,months) ÷ (Math.pow(1+rate ÷ 1200,months)-1)

Inputs: Loan principal, Annual rate (%), Number of monthly payments.

Using the result

The result is rounded to 2 decimal places. Check units, assumptions and significant figures before using the answer.