What is a 'Fixed-Rate Payment'
A fixed-rate payment is the amount due every period by a borrower to a lender under a fixed-rate loan. The fixed-rate loan payments will be equal amounts until the loan plus interest are paid in full. The payment amount can be calculated using the following formula:
Fixed-Rate Payment
Where:
P is the constant payment you make every period
R is the interest rate per period
N is the number of periods
Loan is the total loan amount
Read more: Fixed-Rate Payment Definition | Investopedia http://www.investopedia.com/terms/f/fixed-rate-payment.asp#ixzz4Bf30DR2F
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