1

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.

2

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

Your Answer

By clicking "Post Your Answer", you acknowledge that you have read our updated terms of service, privacy policy and cookie policy, and that your continued use of the website is subject to these policies.

Not the answer you're looking for? Browse other questions tagged or ask your own question.