Suppose you have a loan of 10 million with an interest rate of 1
percent. You have 30
years to pay the loan back. How much do you have to pay each month? Let's find out.
Call the pmt()
function with the aforementioned values:
print("Payment", np.pmt(0.01/12, 12 * 30, 10000000))
The monthly payment:
Payment -32163.9520447