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Formula to figure out loan payments:
Let:
L = loan amount
I = yearly interest rate
N = number of months payments
n = number of payments per year
P = payment
Y = I/n/100 monthly interest rate
Q = (1 + Y)^N
P = -(L*Y*Q)/(1-Q)
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Formula to figure out total interest paid:
Let:
N = number of payments
P = payment
L = loan amount
i = total interest paid
i = (NxP)-L
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