My Math Forum Annuity loan

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 September 14th, 2012, 03:13 AM #1 Newbie   Joined: Sep 2012 Posts: 1 Thanks: 0 Annuity loan Hello, I've to make the following function: Find the monthly payment for a 30-year loan of \$30.000 with an annual interest rate of 5,5%. The function should start with: Function monthlypayment = annuity (presentvalue, annual interest, years) Keep those the following things in mind: - the interest rate won't change - the montly interest is 1/12 of the annual interest The function should produce a monthly amount of money and has to be negative. Calculate the monthly factor as follows: a = 1 + (0,01*p/12) p is the annual interest
 September 14th, 2012, 06:29 AM #2 Math Team   Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 12,906 Thanks: 883 Re: Annuity loan Well, all that rhetoric "seems" to be asking for the formula to calculate monthly payment: P : payment (?) A : amount borrowed (30000) n : number of months (30 * 12) i : interest per month (.055 / 12) P = Ai / [1 - 1/(1 + i)^n]

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