well, with the help of some people in a math chat room, we came up with
this:
months = -log(1+(principle*rate/monthlypayment))/log(1+rate)
hope that helps (:
----- Original Message -----
From: "Web Dude" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Tuesday, February 25, 2003 7:44 AM
Subject: Re: Witango-Talk: One for the Math Wizards
> I guess not...
>
> >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
________________________________________________________________________
TO UNSUBSCRIBE: send a plain text/US ASCII email to [EMAIL PROTECTED]
with unsubscribe witango-talk in the message body
