KAlgebra/Credit payment

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