Overview:
- The pmt() function in numpy calculates the monthly payment required for repaying a loan taken.
- The repayment amount returned by the numpy.pmt() function is a sum consisting of both principal and interest parts.
Example:
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import numpy as np
interestRate = 0.0835; numberOfMonths = 240; principalBorrowed = 2000000; monthlyPayment = np.pmt(interestRate/12, numberOfMonths, principalBorrowed);
print("Principal Borrowed:%7.2f"%principalBorrowed); print("Annual Interest Rate:%5.2f"%(interestRate*100)); print("Loan tenure in number of years:%d"%int(numberOfMonths/12)); print("Monthly Repayment to be made:%5.2f"%abs(monthlyPayment)); |
Output:
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Principal Borrowed:2000000.00 Annual Interest Rate: 8.35 Loan tenure in number of years:20 Monthly Repayment to be made:17167.06 |