def __init__(self, amount, interest_rate, term, nper=12):
"""
Create a new Loan.
Args:
amount: loan amount
interest_rate: nominal interest rate as 'stated' without full effect of compounding (e.g. 10% would be 0.1)
term: term in years
nper: compounding frequency will default to 12 (i.e. compounding once per month)
"""
self.periods = nper
self.amount = self.present_value = self.outstanding = amount
self.term = term
self.interest_rate = interest_rate
self.rate = Amortizer.rate(interest_rate, self.periods)
self.pmt()
