Calculates monthly payment, total interest, and full loan cost.
The loan payment calculator computes the fixed monthly payment (annuity) for any installment loan — car loan, personal loan, or similar — given the loan amount, annual interest rate, and term.
Monthly payment M = P × [r(1+r)^n] / [(1+r)^n − 1] where P = principal, r = monthly rate = annual rate/12, n = number of months
Loan $15,000, 8% annual, 48 months. r = 0.08/12 ≈ 0.006667. M = 15000 × [0.006667 × 1.006667^48] / [1.006667^48 − 1] ≈ $366.
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