Calculating Monthly Loan Payments


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question 1 of 3

In the following formula, what does N equal?

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1. What is the monthly payment for a 10 year loan paid monthly for 10 years where the amount of the loan is $80,000 and the annual percentage rate is 3.5%? Please round your answer to the nearest tens place.

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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About This Quiz & Worksheet

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

Additional Learning

Get more details about the ins and outs of the loan payment formula by reviewing the corresponding lesson called Calculating Monthly Loan Payments. This lesson covers the following objectives:

  • Define 'annual percentage rate'
  • Find the monthly payments for a particular loan given the loan payment formula
  • Review the method for calculating monthly interest, number of payments and payment amount