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You need to start with total amount owed, total monthly payments, and annual interest.
FORMULA:
Payment = (Loan amount x Interest) ÷ (Payments per Year x (1 - (1 + (Interest) ÷ Payments per Year)) raised to the power of negative Payments per Year x Length of Loan)))
Or, you could just use Excel and use the PMT function:
PMT(interest_rate,number_payments,PV,FV,Type)
interest_rate = interest rate for the loan
number_payments = number of payments for the loan
PV = present value or principal of the loan
FV (optional) = future value or the loan amount outstanding after all payments have been made. If this parameter is omitted, the PMT function assumes a FV value of 0.
Type (optional) = when the payments are due. Type can be one of the following values:
- 0 = payments due at end of period (default)
- 1 = payments due at beginning of period
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∙ 14y ago
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amount financed= cash price- down payment
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amount financed
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Types of recurring deposit?
Recurring deposit can be classified into two types: 1. Fixed Recurring Deposit: In this the installment amount remains fixed for the entire tenor of RD from the time of booking. 2. Flexible Recurring Deposit: In the installment amount can be changed during any part of the tenor as and when the customer decides to increase or decrease his installment amount.
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amount finaced=cash price - down payment
The amount of interest a store charges a customer for buying on the installment plan?
Finance charge
