Suppose you have a loan of 1 million with interest rate of 10 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 values mentioned previously.
print "Payment", np.pmt(0.01/12, 12 * 30, 10000000)
The monthly payment would be shown as follows:
Payment -32163.9520447