If you have a loan with a fixed term, you will need to make regular payments to the lender. This online calculator helps you find how many payments you will need to make. The most common way is to use the interest rate, loan amount, and payment amount.
N = [ – log ( 1 – [ ( r*A ) / P ] ) ] / ( log (1+r) )
- A = Loan Amount;
- P = Payment Amount;
- r = Rate of Interest (compounded);
- N = Number of Payments.
Rate of Interest Compounded is:
- Monthly: r = i / 1200
- Quarterly: r = i / 400
- Half yearly: r = i / 200
- Yearly: r = i / 100