KAlgebra/Credit payment: Difference between revisions

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Formula for calculating compound interest:
Formula for calculating compound interest:
|[[File:Formula.png|200px]]
 
[[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