It is pretty easy to figure out a monthly loan payment based on the standard formula, when using a 30/360 method, because the monthly interest rate is always the same since each month has 30 days.

But when using Act/Act you need to count the actual days in the month (28-31) and actual days in the year. Is there another formula or standard method for figuring out the payment in this scenario.


No there is no such formula, you have to iterate through the computation.

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