Loan payments.

[dstebbins]

I have two questions about loans.

 

1. How do I figure the value of each monthly payment for a loan I take out, knowing only the principal (including origination fee), interest rate, frequency of interest, and number of monthly payments? All the equations I've seen also require how much I'm going to end up paying in the end, and I don't know that for my situation. I know this can be done because there's financial calculators on banks' websites that do it.

 

2. Suppose I have multiple loans that all go into effect at the same time, but they all have different interest rates. Is there a shorter way of finding the sum of the monthly payments without finding each individual one and tediously adding them together? For example, if I find the mean interest rate and the total initial debt, would that work for the equation in 1?

[Realitycheck]

This was the only 1 out of 10 loan payment calculators that allowed changing the compounding frequency, even if only from monthly to yearly.

 

http://realestate.yahoo.com/calculators/payment.html

 

Lol, probably a little late.

[dstebbins]

Can I get the formula that that calculator uses?

 

Btw, that doesn't allow you to change the compounding frequency; it just allows you to change the payment frequency.

[Realitycheck]

It probably uses the formula in the upper right corner of the math55formulasheet that I gave you the second time on your other thread. Don't quote me on that though.