This program computes the monthly payment and
total interest on a loan by the formulae:
Where:
M=Monthly Payment
T=Total Interest
P=Principal
I=Annual Interest Rate (%)
N=No. Of Years
Monthly Payment = $0.00
Total Interest = $0.00
MORTGAGE TABLE
P*(I/1200) M = --------------------- 1-((1+(I/1200))^-(12*N)) T = (12*N)*M-P
Where:
M=Monthly Payment
T=Total Interest
P=Principal
I=Annual Interest Rate (%)
N=No. Of Years
Monthly Payment = $0.00
Total Interest = $0.00
MORTGAGE TABLE
Month | Principal Outstanding | Interest | Principal Repayment |