Calculate periodic payment for a loan based on loan amount, interest rate, and number of periods. Get payment amount and total payment.

Periodic Payment for a Loan

Purpose

The "Periodic Payment for a Loan" calculator function is designed to help you calculate the periodic payment amount for a loan, as well as the total payment over the specified number of periods.

Use Cases

You can use this function when you want to determine how much you need to pay periodically for a loan, given the loan amount, interest rate, and number of periods.

How to Use

1. Enter the loan amount, interest rate, and number of periods in the respective input fields.
2. Click on the "Calculate" button to see the results.

Input Values

1. Loan Amount: The total amount of the loan.
2. Interest Rate: The annual interest rate for the loan. Default unit is percent per year.
3. Number of Periods: The total number of payment periods for the loan. Default unit is months.

Output Values

1. Payment Per Period: The amount you need to pay periodically for the loan.
2. Total Payment: The total amount you will pay over the specified number of periods.

Any Other Instructions

• Make sure to enter numerical values only for the input fields.
• Double-check your input values before clicking on the "Calculate" button.

Code Analysis

1. The function takes the loan amount, interest rate, and number of periods as input parameters.
2. It calculates the payment per period using the given formula.
3. It then calculates the total payment by multiplying the payment per period with the number of periods.
4. The function returns the payment per period and total payment as output values.

Technical Parameters

loan_amount, interest_rate, number_of_periods

Return Values

payment_per_period, total_payment

Example Expressions

You can use the following expressions to directly evaluate in a non-interactive manner using eval():

loan(150000, '5.5 pct/yr', 24)
loan(200000, '7.2 pct/yr', 36)

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