Suppose I have three parameters - Original Principal = 500, terms(in months) = 12, and Interest rate = 8.25. I want write a function that produce the following below. For that monthly payment, I can code it.
For example. P = 500, i = (8.25/100)/12, and n = 12 (months).
monthlypayment = P [(i(1 + i)^n / ((1 + i)^n) - 1]
43.55 = monthlypayment.
But what about Cumulative principal and cumulative interest rate? (Note: those aren't negative numbers, just - in front).
TimYates is correct, we cannot write homework for you.
However, what do you mean by Cumulative principal and cumulative interest rate? Have you implemented it? I saw from your output that you have successfully implemented it. Can you elaborate more?
Regards
Dave
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identitylessAuthor Commented:
I don't really need the full code. I'm just testing the output from a program to that of Excel. The Interest Rate is 8.25 but I don't see where the 3.44 comes from? A little help would be appreciated.
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Multiply that by your amount of $500, and you get the first months interest (of $3.44 -- to 2dp)
Tim
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identitylessAuthor Commented:
Thanks you're getting closer for the points.
I got $343.75, am I suppose to divide by 100? If so, is that always the case?
Can you tell me how this output below was produce for remaining principal?
$500.00
$459.89
$419.50
$378.83
$337.88
$296.65
$255.14
$213.34
$171.26
$128.89
$86.23
$43.27
So you know the starting value for "remainingPrincipal", you know the rate of interest per year so you can calculate the rate of interest per month
As I said originally, I can fix code for you, but I cannot write the code :-(
Calculating the $43.55 is probably the trickiest bit... I'd have to have a think about how to do that...
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identitylessAuthor Commented:
I already coded that part.
****
For example. P = 500, i = (8.25/100)/12, and n = 12 (months).
monthlypayment = P [(i(1 + i)^n / ((1 + i)^n) - 1]
43.55 = monthlypayment.
****
You recommened the 1st one. So even if n = 24, 36, 72, etc, eventually, the remaining principal will be the minimum, when n goes from 1 to (last term)?
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We can't write the code for you I'm afraid. How far have you got?
If you post your code, we may be able to suggest changes...
Tim