Regular payments to the lender are essential when you possess a loan with a set duration. This online calculator facilitates the determination of the number of fees required. The prevalent approach involves utilizing the interest rate, loan amount, and payment amount.
Number of loan payments formula
![\[N = [ - log ( 1 - [ ( r*A ) / P ] ) ] / ( log (1+r) )\]](https://x-calculator.com/wp-content/ql-cache/quicklatex.com-7f0d26ea378285c2355046cce7c4989e_l3.png "Rendered by QuickLaTeX.com")
- 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
