I was having a little trouble with a few calculations of mine. Basically, I would like to know how to calculate the currency/numerical value of an interest rate payment. For example, over the course of 17 months, if an individual were to borrow £5,000 at interest rate 2%, how would we be able to calculate the sum of money to be paid as a representative of the interest rate charged. For example, due to the interest rate being 2%, this would create a monthly payment of £XXX and this £XXX is in fact the repayment value, the equivalent of the interest rate given. It's not the monthly repayments I'm after, I would like to know the equivalent repayment as a proportion of the interest rate.
Thank you to all. I hope I have made this question clear!
...or just paranoid?