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2. Equated monthly installment - Wikipedia

   en.wikipedia.org/wiki/Equated_Monthly_Installment

   The formula for EMI (in arrears) is: [2] = (+) or, equivalently, = (+) (+) Where: P is the principal amount borrowed, A is the periodic amortization payment, r is the annual interest rate divided by 100 (annual interest rate also divided by 12 in case of monthly installments), and n is the total number of payments (for a 30-year loan with monthly payments n = 30 × 12 = 360).

3. Interest rate - Wikipedia

   en.wikipedia.org/wiki/Interest_rate

   The annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualized. The interest rate has been characterized as "an index of the preference . . . for a dollar of present [income] over a dollar of future income". [1]

4. Debt service coverage ratio - Wikipedia

   en.wikipedia.org/wiki/Debt_service_coverage_ratio

   In this way, the DSC (debt service coverage) ratio provides a way to assess the financial quality, and the associated risk level, of this pool of loans, and shows the surprising result that despite some loans experiencing DSC below 1, the overall DSC of the entire pool has improved, from 1.66 × to 1.76 ×. This is pretty much what a good loan ...

5. Debt snowball method - Wikipedia

   en.wikipedia.org/wiki/Debt_snowball_method

   A total of $151 is then free for additional payment, and is applied to the car loan for a total monthly car payment of $301. This pays off the car loan in another six months. Month

6. Annuity - Wikipedia

   en.wikipedia.org/wiki/Annuity

   In practice, often loans are stated per annum while interest is compounded and payments are made monthly. In this case, the interest I {\displaystyle I} is stated as a nominal interest rate , and i = I / 12 {\textstyle i=I/12} .

7. Fixed-rate mortgage - Wikipedia

   en.wikipedia.org/wiki/Fixed-rate_mortgage

   This monthly payment depends upon the monthly interest rate (expressed as a fraction, not a percentage, i.e., divide the quoted yearly nominal percentage rate by 100 and by 12 to obtain the monthly interest rate), the number of monthly payments called the loan's term, and the amount borrowed known as the loan's principal; rearranging the ...