# Calculating Monthly Loan Payments Video

Instructions:

question 1 of 3

### In the following formula, what does N equal?

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### 2. If the annual percentage rate is 9.1% on a particular loan with quarterly payments (4 payments in a year) what does J equal in this formula?

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Do you know the loan payment amount formula, as well as how to apply it? Find out by answering the practice problems on this quiz and worksheet combo.

## Quiz & Worksheet Goals

Use these resources to check what you know about the following:

• Understanding the different parts of the loan payment formula
• Finding values of N and J in sample loan payment problems
• Calculating monthly payments, the loan amount and the number of years

## Skills Practiced

As you work through these quiz questions, you'll practice the following skills:

• Reading comprehension - ensure that you draw the most important information from the related lesson on calculating monthly loan payments
• Interpreting information - verify that you can read information regarding the loan payment amount formula and interpret it correctly
• Problem solving - practice solving math problems related to loan payments