Calculating monthly payments? *Got it*

[igowerf]

At 4.9% APR financing for 36 months, the monthly payment is $29.93 per $1000 borrowed. What's the formula for calculating the monthly payment?

EDIT: Got it! Stole some code from this page.

 

[oog]

You can do it in Excel: KB article on calculating payments in Excel. They also have all the information in a pre-made Excel template: Excel template from Microsoft Template Gallery

 

[oog]

Originally posted by: oog
You can do it in Excel: KB article on calculating payments in Excel. They also have all the information in a pre-made Excel template: Excel template from Microsoft Template Gallery

Oops. I didn't read things closely enough. I posted links that (I think) talk about mortgage payments. Anyway, the calculations should be the same.

 

[Mavrick007]

That seems a bit low of a payment for 4.9%. Is there any down payment before the monthly payments start?
That means that you only would be paying $77.48 on $1000 over 3 years time when I would expect it to be higher.. but I could be wrong.

 

[igowerf]

Thanks, but I got it. 🙂

It was for work. My boss asked me to calculate the monthly payments for several interest rates and monthly terms for $1000 borrowed using a program that we have. He also wanted me to make a page that will let customers calculate it themselves. It took me a while to find the formula (me == teh sux0r at econ), but I got it now.

I used this page.