Balance of a loan with regular monthly payments

Formula

Balance of a loan with regular monthly payments formula
Bk1
balance after k+1 payments
Bk
balance after k payments
r
period rate for monthly payments
p
period (monthly) payment

Formula description

The balance of a loan with regular monthly payments is augmented by the monthly interest charge and decreased by the payment.

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Balance of a loan with regular monthly payments formula
Bk
r
p
Bk1
Precision

Formula code

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References

  1. Wikepedia:Formulae.

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