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Answer by Chris Degnen for Formula for time taken to pay off loan with annual...
In your formula ("Compound interest for principal"), P(1+r/n)^(nt) - it is implied that r is a nominal interest rate compounded according to the frequency n per annum. So a specific nominal rate for...
View ArticleFormula for time taken to pay off loan with annual interest and monthly...
I am trying to find how to work out the period of time it will take to pay off a loan. There are plenty of online calculators out there but I cannot find the formula they use. I want to recreate the...
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