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The standard fixed-payment (annuity) formula: payment = P × r × (1+r)^n / ((1+r)^n − 1), where P is the amount, r is the monthly rate and n is the number of months — the same math used for EMIs and mortgages.

Because interest is charged on the remaining balance. Early on, more of the balance is outstanding, so more of each fixed payment goes to interest; later, as the balance shrinks, more goes to principal.