KAlgebra/Credit payment: Difference between revisions

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Formula for calculating compound interest:
Formula for calculating compound interest:
[[File:Screenshot-26.png|600px]]
[[File:Screenshot-6.png|600px]]
Where,
Where,
A = final amount[BL]
A = final amount[BL]

Revision as of 18:32, 18 December 2010

Formula for calculating compound interest: File:Screenshot-6.png 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