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calculating interest and monthly payments

J

jakeroberts


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Hello, I am trying to remember how to calculate interest and monthly payments by hand. (no calculator) Does anybody know/remember how to do this? I you google such things you get a million sites pointing to software that will do this but I want to be able to do it with a pen and paper.
 
fleurya

fleurya


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Bankrate.com has calculators, but I think they show how to do calculations too.

Also, try Wikipedia.
 
S

Subwall


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This is a standard amortization formula:


A = P (i(1+i)^n)/((1+i)^n -1) = (P i)/(1 - (1+i)^ -n)

A = Payment Amount
P = Financed Principle
i = Interest Rate (must be in months - divide A.P.R. by 12)
n = Total Number of Payments (months also)

Hope that helps.


Edit: Here's a link to that on Wikipedia.
 

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