This program calculates the amount of each regular repayment needed to pay off a loan over a given period. We must indicate the amount of capital borrowed, the interest rate, the annual number of regular repayments and the duration in years. The program of course assumes that the repayments are of the same amount.
Example
If Anthony borrows $ 8,500 at 10% from a friend, to be repaid monthly for 6.5 years, how much will the monthly repayment be?