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The number of periods over which interest is calculated on the loan.
We have to determine
The following formula is used to calculate the monthly payment on a personal loan.
<h3>What is the formula used to calculate monthly payments?</h3>The formula used to calculate monthly payments are as follows;
Where,
1. PV is the present value or the amount of the loan.
2. i is the interest rate per period and is calculated by dividing the yearly percent rate by 100 and by the number of periods in a year.
3. n is the total number of periods and is calculated as the product of the number of periods in a year times the number of years.
Hence, the number of periods over which interest is calculated on the loan.
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