I'm creating a web application in php that allows customers to apply for loans, manage accounts and more. The problem I'm having is calculating the payment schedual for an Amortized loan. I need to know how to calculate a payment schedual.
If you could give me an example payment schedual for a loan of $50,000.00 @ 5.2% Intrest for 60 Months. The monthley payments need to include amount of principal paid, amount of intrest paid.The monthley payment has to be a set ammount, examply $576.90. You also need to include the calculations to get the payment schedual.