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.

1 Answer 1

3

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

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .