what is the formula used by lending institutions?
when you borrow money there is a formula to determine the amount of monthly payments for a period of time.is it the rule of 72?whatever it is what is it expressed as a formula.
or is it PRT=x?
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By N2H
Most lending institutions use a monthly calculation for fixed loans. You borrow money and each month, interest is added onto your principal. Via my website, there is a link to bankrate – here you can use various calculators, for various loans.
The rule of 72 is a doubling rule of thumb. Divide by the rate, and you will have the time it will take to double your money. For example: At a rate of 7.2%, you would double your money in 10years; At a rate of 10%, you would double your money in 7.2 years.
Good luck