KAlgebra/Credit payment: Difference between revisions

Revision as of 21:09, 18 December 2010

Formula for calculating compound interest:

Where,

A = final amount

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-> yearlyInterestRate/1200

2.This function calculates the monthly payment

monthlyPayment:=(sum, mir, months)->(sum*(1+mir)^months*mir)/((1+mir)^months-1)

3.This Function calculates the whole amount you have to return to the bank

amount:=(monthlyPayment,months)->monthlyPayment*months

@@ Line 5: / Line 5: @@
 Where,
-A = final amount[[BR]]
+A = final amount
 P = principal amount (initial investment)
@@ Line 19: / Line 19: @@
 .This Function calculates the monthly interest rate by given yearly interest rate.
-{{Input|1=monthlyInterestRate:= yearlyInterestRate-> x/1200}}
+{{Input|1=monthlyInterestRate:= yearlyInterestRate-> yearlyInterestRate/1200}}
 [[File:Screenshot-26.png|600px]]
-.Write this Function in the console mode.It calculates the monthly payment you have to return to the bank
+.This function calculates the monthly payment
 *mir=monthlyInterestRate
-{{Input|1=monthly_payment:=(sum, mir, months)->(sum*mir^months*(mir-1))/(mir^months-1))}}
+{{Input|1=monthlyPayment:=(sum, mir, months)->(sum*(1+mir)^months*mir)/((1+mir)^months-1)}}
 [[File:Screenshot-32.png|600px]]
-.Write this Function in the console mode.It calculate the whole sum you have to return to the bank
+.This Function calculates the whole amount you have to return to the bank
-{{Input|1=sum:=(monthlyPayment,months)->monthlyPayment*months}}
+{{Input|1=amount:=(monthlyPayment,months)->monthlyPayment*months}}