I have a problem when I try to calculate monthly repayments on loans. I use the formula:
K0 * i*(1+i)^n
The problem is that my calculations are slightly higher than those on the banks and comparison sites'.
ie. K0=7500, i=8.9%, n=48
With those values I get a monthly repayment on 186.28
The banks and comparison sites gets a value on 185.05
What is wrong with my formula?
And how do you calculate with deferment/payment holidays?