My Math Forum  

Go Back   My Math Forum > High School Math Forum > Elementary Math

Elementary Math Fractions, Percentages, Word Problems, Equations, Inequations, Factorization, Expansion


Reply
 
LinkBack Thread Tools Display Modes
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
Brandonlive is offline  
 
September 14th, 2012, 06:29 AM   #2
Math Team
 
Joined: Oct 2011
From: Ottawa Ontario, Canada

Posts: 9,782
Thanks: 651

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]
Denis is online now  
Reply

  My Math Forum > High School Math Forum > Elementary Math

Tags
annuity, loan



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
% payment loan Denis Algebra 1 July 8th, 2016 05:22 PM
% payment loan Denis New Users 1 June 5th, 2013 09:45 AM
Need help calculating a car loan pinny Elementary Math 1 April 3rd, 2013 07:40 AM
Annuity and serial loan, capable to pay for it after n years ShellShock Economics 0 December 12th, 2010 04:16 AM
Loan CoolX Economics 4 October 27th, 2010 02:51 AM





Copyright © 2017 My Math Forum. All rights reserved.