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What are you calculating

You can choose whether you are calculating a loan, mortgage or lease.  The fundamental calculation is the same but loans typically do not have residual values on the end or deposits and mortgages are usually defined in years.

Loan Value & Price

This is the amount of the loan which is borrowed at the start of the credit agreement for a loan but since a mortgage and a lease can have a deposit it is the price of the asset or property.

Deposit

Also known as a Downpayment, this the amount paid back by the borrower right at the start of the credit agreement.

Payment

Also known as an Installment, this the regular amount paid back by the borrower on a periodic basis over the term of the agreement.

Residual

This is the amount (remaining balance) the borrower still has to pay back at the end of the contract.  It is often settled by the sale of the asset or a single Balloon payment

Interest rate

Yield is the monthly nominal interest rate charged by the lender.   For example if the interest rate was 12% then the interest calculated for one month would be: Interest = Balance x 0.12 / 12 = Balance x 0.01