Monthly Payment - APR with fees

Annual Percentage Rate (APR) is the equivalent interest rate of a loan which includes all fees and interests paid.

INPUTS

The inputs to this equation include the following:

• Loan Amount - the original amount financed
• i - interest rate entered as a percentage; i.e, enter 6.4 for a 6.4% interest rate
• n - number of months
• All Fees - all costs of closing and loan expenses

NOTES

This formula calculates a monthly payment for a loan

EXAMPLES

For an amount of  $50,000 loaned with $1,200 fees and closing costs, at an annual interest rate of 5% to be paid back over 5 years.

This equation will accept the interest rate as the percentage, for the above example, enter 5 as the interest rate.

The monthly payment will be calculated: $966.21