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Loan Payment Formula
Monthly payment is calculated using: M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where: M = monthly payment, P = principal, r = monthly interest rate, n = number of payments
Monthly payment is calculated using: M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where: M = monthly payment, P = principal, r = monthly interest rate, n = number of payments