Q. You plan to borrow 20,00,000 now and repay it in equal monthly installments over 15 years. If the annual interest rate is 10.5%, how much will your monthly payments be?
Open the Present Value of Annuity screen. Select solve for Payment.
Present Value: 2000000
Annual Interest Rate: 10.5
Payment Frequency: Monthly
Number of payments: 15
Payment Frequency: Monthly
Number of payments: 15
Compounding Interval: Monthly
End Balance: 0
End Balance: 0
Payment Mode: End
Ans: 22,107.98
If you don't want to download the app, you can use this online calculator for all kinds of loan calculations.
If you don't want to download the app, you can use this online calculator for all kinds of loan calculations.
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