To calculate the payment amount of any fixed loan.
1. Fill in the a. # of Payments, b. Interest Rate, and c. Principal.
a. To figure the # of payments, multiply the number of years of the loan by 12, i.e.
30 years x 12 = 360 payments, or 5 years x 12 = 60 payments.b. NOTE: Enter the Interest Rate as a decimal, i.e. 7.375% enter as: .07375
c. Principal is the amount that you are borrowing after any down payments.
2. Click on Compute or press TAB