Loan Calculation (2002 SP-2)

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Would anyone happen to know the formula for determining monthly payments on an interest-only loan? I can’t even seem to locate any freeware that includes interest-only calculations; there are plenty for amortized loans. Also, the “advertised” rate for loans never seems to reflect the actual APR, so I assume I would also need to know how to determine the APR to arrive at the monthly payment. This is for an equity Line of Credit loan with a variable interest rate. I didn’t have much luck searching for this topic, but perhaps I didn’t use the correct criteria. Any help greatly appreciated.

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Would that not just be the loan amount times the monthly interest rate, or the loan amount time the anual interest rate divided by 12?

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Duh…thanks. I didn’t say I was a Newbie for nothing!

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