eFunda: Advanced Loan Calculators

Scenario 1: Find the Amount of Payment

Loan Amount (C): Interest Rate % (R): Compound Frequency (m) No. of Payments (N): Payment Frequency (q) Payment Amount (P):	Interest rate R% is always a yearly figure. However, in most loan situations it is compounded monthly. In this calculator the Payment Amount P is calculated by the following formula where r is the adjusted equivalent interest rate For most loans, interests are compounded monthly and payments are also made monthly (m=q=12). r is then simplified to R/1200: Note that the number 100 is to convert the percentage value R% to decimal.

Scenario 2: Find the Interest Rate

Loan Amount (C): Payment Amount (P): No. of Payments (N): Payment Frequency (q) Compound Frequency (m) 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: The annual interest rate R% is

Scenario 3: Find the Number of Payments

Loan Amount (C): Interest Rate % (R): Compound Frequency (m) Payment Amount (P): Payment Frequency (q) No. of Payments (N):	This calculator figures out the Number of Payments N by the following closed-form expression: Notice that N has to be an integer, so the Payment Amount P might be slightly adjusted to satisfy this condition.

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