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What is the formula that banks use to figure out the payment on a personal loan?


My brother wanted to know!

If the amount of the loan is P, the yearly rate is r, the number of payments per year is N and the number of years for the loan is T, then the payment per period is

C=A(r/N)/[1-(1+(r/N))^(-NT)]
I AM NOT A BANKER........... HI HI HI....
loan + loan X rate X time /100
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