Answer:
[TeX]M= \frac{Pr}{1-(1+r)^{-n}}[/TeX]
Step-by-step explanation:
When you take a loan, the amount collected is referred to as the Principal(P).
The loan is given at a certain rate(r) in this case a Monthly Rate for a period of n months. The Monthly payment is denoted using M.
All these variables are related by the function:
[TeX]M= \frac{Pr}{1-(1+r)^{-n}}[/TeX]
Note that if the rate is given as an Annual rate, we divide by 12 to get the monthly rate required.
The Required formulae is [tex]m=\frac{P r}{1-(1+r)^{-n} }[/tex].
Given,
For a certain loan amount, principal is p, rate of interest is monthly denoted by r, no of payment is n and the monthly payment is m.
The formulae for relating all the quantities is given by,
[tex]m=\frac{P r}{1-(1+r)^{-n} }[/tex]
Here p is principal, r is the rate of interest and is the number of payment .
Hence the Required formulae is [tex]m=\frac{P r}{1-(1+r)^{-n} }[/tex].
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