Loan Payment Prediction App

Predicts monthly loan payment and final monthly payment

Erika Garcia-Boliou

Below are the formulas:

Monthly Payment (rounded to nearest cent):

$$\frac{T i}{1 - (1 + i)^{-n}}$$

Where:
T = Total Loan Payment
i = Effective Interest Rate (input is interest rate per YEAR while effective interest rate is per MONTH)
n = Number of Payments

Final Payment (rounded to nearest cent):

$$E = \frac{Q(1-(1+i)^{-n})}{i} - T$$ $$Q - E(1+i)^n$$

Where:
Q = Monthly Payment
T = Total Loan Payment
i = Effective Interest Rate (input is interest rate per YEAR while effective interest rate is per MONTH)
n = Number of Payments

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