I am trying to get the loan repayment amount for below data :
Loan Amount: $20,412.65
Payments (#): 10 Annual Interest Rate: 2.5% Loan Date: 07/02/2018 First Payment Due: 09/02/2018 (next payment will be on 09/02/2019 then 09/02/2020 and so on) Payment Frequency: Annually Compounding: Daily
My Bank is charging me $2,285.18 for each repayment amount for 10 installments.
Can you please help with the formula on how bank is calculating it?