openoffice calculate remaining payments of loan

To help consumers compare retail financial products more fairly and easily, many countries require financial institutions to disclose the annual compound interest rate on deposits or advances on a comparable basis.

Both the nominal interest rate and the compounding frequency are required in order to compare interest-bearing financial instruments. The nominal rate cannot be directly compared between loans with different compounding frequencies. The nominal interest rate which is applied and.The frequency could be yearly, half-yearly, quarterly, monthly, weekly, daily, or continuously (or not at all, until maturity).įor example, monthly capitalization with interest expressed as an annual rate means that the compounding frequency is 12, with time periods measured in months. The compounding frequency is the number of times per year (or rarely, another unit of time) the accumulated interest is paid out, or capitalized (credited to the account), on a regular basis.

5.6.2 Approximate formula for monthly payment.

5.6.1 Exact formula for monthly payment.

5.6 Monthly amortized loan or mortgage payments.

Openoffice calculate remaining payments of loan