Loan Payment

Loan Payment Calculator

This calculator determines the periodic payment amount for a loan with a fixed interest rate.

Use Cases

• Auto Loans: Calculating monthly car payments.
• Personal Loans: Estimating repayment costs.
• Credit Cards: Planning payoff strategies.

Formula

$$P = \frac{r(PV)}{1 - (1 + r)^{-n}}$$

Where:

• $P$ is the payment amount
• $PV$ is the loan amount (present value)
• $r$ is the interest rate per period
• $n$ is the total number of payments