My Math Forum Problem with circular logic for loan payments...

 Linear Algebra Linear Algebra Math Forum

August 18th, 2017, 06:06 PM   #11
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Quote:
 Originally Posted by farmerjohn1324 What is the value of n in my case? Can you write that in a formula?
The interest is an nth part of the project cost, so n = 1/(m*i), where m is the product of the number of months until you repay the loan (assuming the loan is interest-only for that number of months) and i is the monthly interest rate.

In your example, n = 1/(4*0.005) = 50, so n - 1 = 49.

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