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more free magazines         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: Notice that N has to be an integer, so the monthly payment P might be slightly adjusted to satisfy this condition.  Glossary