PAYMENT()
Payments for a loan
- Syntax
-
- PAYMENT (nLoan, nInterest, nPeriods) --> nPayment
- Arguments
-
- <nLoan> amount of money you get from the bank <nInterest> rate of interest per period, 1 == 100% <nPeriods> period count
- Returns
-
- <nPayment> Periodical payment one has to make to pay the loan <nLoan> back
- Description
-
- PAYMENT() calculates the payment one has to make periodically to pay back a loan <nLoan> within <nPeriods> periods and for a rate of interest <nInterest> per period. debt in period 0 = <nLoan> debt in period 1 = ((debt in period 0)-<nPayment>)*(1+<nInterest>/100) debt in period 2 = ((debt in period 1)-<nPayment>)*(1+<nInterest>/100) etc... debt in period <nPeriod> = ((debt in period <nPeriod>-1)-<nPayment>)*(1+<nInterest>/100) -> has to be 0, so <nPayment> = <nLoan>*(<nInterest>/100)/(1-(1+<nInterest>/100)^(-n))
Examples
// You get a loan of 5172.56 at a interest rate of 0.5% per
// month (6% per year).
// For 5 years, you have to pay back every month
? payment (5172.56, 0.005, 60) --> 100.00
Tests
payment (5172.56, 0.0, 60) == 86.21
payment (5172.56, 0.005, 60) == 100.00
- Status
- Ready
- Compliance
-
- PAYMENT() is compatible with CT3's PAYMENT().
- Platforms
-
- All
- Files
-
- Source is finan.c, library is libct.
- See Also