How is the equal installment calculated?

The equal installment (annuity) formula is: Installment = Principal x [r(1+r)^n] / [(1+r)^n - 1], where r is the periodic interest rate and n is the total number of periods.

How does payment frequency affect the installment amount?

As payment frequency decreases (e.g., from monthly to annual), each installment amount increases but the total number of periods decreases.

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An amortization schedule is a detailed payment plan showing how much principal and interest is paid each period of a loan.

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