The formula is: monthly payment = total loan × monthly interest rate ×( 1+ monthly interest rate) to the n power ÷( 1+ monthly interest rate) to the n power? - 1
Note: in the above formula, n is the number of periods, and the number of periods = loan term × 12 months, and the monthly interest rate = annual interest rate/12. The n power of a is written as n, and the numbers are brought in.