The formula is given by:
\[ M = P \frac{r(1 + r)^n}{(1 + r)^n - 1} \]
where:
- \(M\) is your monthly payment.
- \(P\) is the principal loan amount.
- \(r\) is your monthly interest rate, calculated by dividing your annual interest rate by 12.
- \(n\) is your
Show more…