Number Of Payments Calculator
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The number of payments is 138.98.
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2. Principal: is the amount borrowed.
3. Interest Rate%: is the interest added to principal at the end of each period. (Not annualized.)
4. Payments: is the amount of each payment made at the end of each period.
5. Number Of Payments calculations become unreliable when the interest rate drops below some trivial value
(of say .01%/year) and break down completely at zero interest rate. In this case use another method.
6. User input can be any constant statement using only numerics and +, -, *, and /. For example 6/12
could be entered to convert an annualized 6% rate into a monthly rate.
Example: You have borrowed $1000 at 6% annualized, the payments are $10.
How many payments will there be?
Principal = 1000; Interest Rate% = 6/12 (Converts 6% annualized rate to monthly. (.5%))
Payments = 10