Loan Calculator of any bank

Formula Explanation:

Monthly Interest Rate: Annual Rate ÷ 12 ÷ 100

Total Number of Payments: Loan Term (in years) × 12

Monthly Payment Calculation: M=P×r×(1+r)n(1+r)n−1M = \frac{P \times r \times (1 + r)^n}{(1 + r)^n – 1}M=(1+r)n−1P×r×(1+r)n​ Where:

MMM = Monthly Payment

PPP = Loan Amount

rrr = Monthly Interest Rate

nnn = Total Number of Payments