Enter the following:
Amount borrowed,
Periodic interest rate, and
Number of periods.
Recalculate to see the Periodic Payment.
Note: You may designate the period (years, months, semi-monthly, etc.). Be certain that the interest rate is expressed in the same unit as the term period of the loan.
Example: If you wanted to see the annual payment amount for a loan of $100,000 with 10% interest to be repaid over 10 years, you would enter those facts and see that each payment was $16,275 per year. If the same $100,000 loan was to be repaid in monthly installments over 10 years, you would enter 120 for periods and select Month for the Number of Periods. The interest rate entered would be stated as a monthly rate. A 10% rate on a monthly basis would be entered as .008333 and the monthly payment amount would be $1,322 per month.