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  1. #1
    Join Date
    Mar 2014
    Posts
    1

    Unanswered: Using Pow(1,2) formula

    helo, please i need to develop a loan application with brilliant database using this formula

    Monthly payment = [rate + rate / ( (1+rate) ^ months -1) ] x principal loan amount.

    Loan Amount=
    Interest=
    Lenght (Duration in Months)=
    Monthly Payment=

    Please i need help how to go about this.

  2. #2
    Join Date
    Apr 2013
    Posts
    226
    A script like this should do it:

    [$rate] = 10
    [$months] = 24
    [$loan-amount] = 1000
    [$payment] = [$rate] + [$rate] / (Pow(([$rate] + 1),([$months] -1)) * [$loan-amount])
    Show Message ([$payment], , Ok)

    The result of this example is 10. Which I guess is correct?

    Edit: Well, I doubt that is correct based on the figures but that seems to be down to the formula you've given ... ?

    Matty
    Last edited by matty1965; 03-12-14 at 15:51.

  3. #3
    Join Date
    Jan 2014
    Posts
    46
    I got the same result with my formula (lots of parentheses). I'm not certain the original equation is accurate?
    Don

  4. #4
    Join Date
    Apr 2013
    Posts
    226
    I've also tried this:


    [$rate] = 10
    [$months] = 24
    [$loan-amount] = 1000
    [$payment] = ([$rate] + [$rate] / (Pow(([$rate] + 1),([$months] - 1)))) * [$loan-amount]
    Show Message ([$payment], , Ok)

    That gives result 10000. Which sounds much too high now!

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