Finance: Loan Calculator
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 Download a Palm version of eFunda's loan/lease calculator!
Scenario #1: Find the Monthly Payment
Loan Amount (C) =
Interest Rate % (R) =
Number of Months (N) =
Monthly Payment (P) = ?   
Interest rate R% is always a yearly figure. However, in most loan situations it is compounded monthly. In this calculator the monthly payment is calculated by the following formula where r = R/1200:

Scenario #2: Find the Interest Rate
Loan Amount (C) =
Monthly Payment (P) =
Number of Months (N) =
Interest Rate % (R) = ?   
For given C, P and N, one can only solve the following equation for r by numerical means.
Given the rather smooth behavior of this equation, this calculator employs the Newton-Raphson method with an educated initial guess:
.

Scenario #3: Find the Number of Payments
Loan Amount (C) =
Interest Rate % (R) =
Monthly Payment (P) =
Number of Months (N) = ?   
This calculator figures out the number of months N by the following closed-form expression:

 Download a Palm version of eFunda's loan/lease calculator!
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