
Elementary Math Fractions, Percentages, Word Problems, Equations, Inequations, Factorization, Expansion 
 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 30year 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: 12,609 Thanks: 845  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] 

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 03:16 AM 
Loan  CoolX  Economics  4  October 27th, 2010 02:51 AM 