Time for action – determining the number of periodic payments
Consider a loan of 9000 at a rate of 10 percent with fixed monthly payments of 100.
Find out how many payments are required with the NumPy nper() function:
print("Number of payments", np.nper(0.10/12, -100, 9000))The number of payments:
Number of payments 167.047511801
What just happened?
We determined the number of payments needed to pay off a loan of 9000 with an interest rate of 10 percent and monthly payments of 100. The number of payments returned was 167.
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