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Andre45 [30]
2 years ago
6

The following formula is used to calculate the monthly payment on a personal loan. P = P V times StartFraction i over 1 minus (1

i) superscript negative n EndFraction In this formula, i represents the _____ of the loan. A. Annual interest rate b. Interest rate per period c. Initial amount d. Incident amount.
Mathematics
1 answer:
blondinia [14]2 years ago
6 0

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;

\rm P = PV \times \dfrac{i}{1-(i+1)^{-n}}

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.

To know more about Monthly payments click the link given below.

brainly.com/question/14532486

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