Question

In one or two sentences, describe how a person can calculate his monthly payment for a loan.

Answer 1

A person can calculate their monthly payment for a loan by using a calculator. They will need to use the loan balance, the number of payments, payment amount, and interest rate. One of the most important things needed to calculate the monthly loan is the down payment the person has. There are numerous sites that have a loan payment calculator for customers to use. 

Answer 2

To calculate the monthly payment for a loan, you must know the total loan balance, how many payments will be made, how long you have to make the payments for and the interest amount. Once you know all of those factors you can take the amount of payments that will be made in total and divide it by the loan balance. That will give you the amount that will be paid monthly on the loan.