Loan - Loan Payment

Loan Payment

The most typical loan payment type is the fully amortizing payment in which each monthly rate has the same value over time.

The fixed monthly payment P for a loan of L for n months and a monthly interest rate c is:


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Famous quotes containing the words loan and/or payment:

    Slight was the thing I bought,
    Small was the debt I thought,
    Poor was the loan at best—
    God! but the interest!
    Paul Laurence Dunbar (1872–1906)

    There are always those who are willing to surrender local self-government and turn over their affairs to some national authority in exchange for a payment of money out of the Federal Treasury. Whenever they find some abuse needs correction in their neighborhood, instead of applying the remedy themselves they seek to have a tribunal sent on from Washington to discharge their duties for them, regardless of the fact that in accepting such supervision they are bartering away their freedom.
    Calvin Coolidge (1872–1933)