I have a problem I am hoping someone with a better head for math can help me figure out.
I have built a mortgage calculator that seems to be relatively accurate and now would like to do the same with credit card debt. The mortgage calulator works like so...
<@ASSIGN gPower <@CALC "(1+<@POSTARG 'rate'>/1200)^(<@POSTARG 'years'>*12)">>
Monthly Payement = <@CALC "(<@POSTARG 'amount'>*<@POSTARG 'rate'>*<@VAR gpower>)/(1200*(<@VAR gpower>-1))" PRECISION="2" FORMAT="num:3-*,\,,2,.,,,,">
Total Cost Of Loan = <@CALC "(<@POSTARG 'amount'>*<@POSTARG 'rate'>*<@VAR gpower>)/(1200*(<@VAR gpower>-1))*(<@POSTARG 'years'>*12)" PRECISION="2" FORMAT="num:3-*,\,,2,.,,,,">
Now I found the formula for credit cards after much searching.
principle = monthlypayment*(1 - (1+rate)^-months)/rate
This works great when you know the principle, monthly payment, rate and the number of months but I am trying a new twist to this.
Suppose you want the client to give you the amount they owe on the card, the rate and the amount of the payment they would like to make. How would you come up with the number of months it would take to pay off the debt, the total amount of the interest paid during that time and the total cost of the debt?
Any takers?
p.s. my head hurts... -- ________________________________________________________________________ TO UNSUBSCRIBE: send a plain text/US ASCII email to [EMAIL PROTECTED] with unsubscribe witango-talk in the message body
--
________________________________________________________________________
TO UNSUBSCRIBE: send a plain text/US ASCII email to [EMAIL PROTECTED]
with unsubscribe witango-talk in the message body
