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:
Read more about this topic: Loan
Famous quotes containing the words loan and/or payment:
“... the ... thing I am proudest of in my whole business life is that I do not take, that I never took in all my life, and never, never! will take, one single penny more than 6% on any loan or any contract.”
—Hetty Green (1834–1916)
“The payment of debts is necessary for social order. The non-payment is quite equally necessary for social order. For centuries humanity has oscillated, serenely unaware, between these two contradictory necessities.”
—Simone Weil (1909–1943)