Hi, I need help about how to calculate loan payments. Can someone show the process of calculating these types of questions?
Suppose I borrow x dollars for y months. The monthly interest rate is z%. I don't start paying until the end of the y months.
1. How do I calculate the total amount I owe at the end of the y months?
2. If I start paying the loan over the next c years, how do I calculate the monthly payment?