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)

    “Put God in your debt. Every stroke shall be repaid. The longer the payment is withholden, the better for you; for compound interest on compound interest is the rate and usage of this exchequer.”
    —Ralph Waldo Emerson (1803–1882)