eFunda: Loan Calculators

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

Units » Time » Month (synodic), Lunar Month

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