KAlgebra/Credit payment: Difference between revisions
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Formula for calculating compound interest: | Formula for calculating compound interest: | ||
[[File:Formula.png|200px]] | |||
Where, | Where, | ||
A = final amount[BL] | A = final amount[BL] | ||
P = principal amount (initial investment) | P = principal amount (initial investment) | ||
r = annual nominal interest rate (as a decimal) | r = annual nominal interest rate (as a decimal) | ||
n = number of times the interest is compounded per year | n = number of times the interest is compounded per year | ||
t = number of years | t = number of years | ||
Revision as of 18:55, 18 December 2010
Formula for calculating compound interest:
Where,
A = final amount[BL]
P = principal amount (initial investment)
r = annual nominal interest rate (as a decimal)
n = number of times the interest is compounded per year
t = number of years
Write all these functions in Console Mode
1.This Function calculates the monthly interest rate by given yearly interest rate.
monthlyInterestRate:= yearlyInterestRate-> x/1200
2.Write this Function in the console mode.It calculates the monthly payment you have to return to the bank
- mir=monthlyInterestRate
monthly_payment:=(sum, mir, months)->(sum*mir^months*(mir-1))/(mir^months-1))
3.Write this Function in the console mode.It calculate the whole sum you have to return to the bank
sum:=(monthlyPayment,months)->monthlyPayment*months