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)
“Latin America is very fond of the word “hope.” We like to be called the “continent of hope.” Candidates for deputy, senator, president, call themselves “candidates of hope.” This hope is really something like a promise of heaven, an IOU whose payment is always being put off. It is put off until the next legislative campaign, until next year, until the next century.”
—Pablo Neruda (1904–1973)