Re: Witango-Talk: One for the Math Wizards

[Web Dude]

Thanks! I will give it a try.

What is log?


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...
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