1. Registered User
Join Date
Mar 2014
Posts
1

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=

2. Registered User
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. Registered User
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. Registered User
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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