Graybeard
Well-Known Member
PHP:
function calcPayment(
float $loanAmount,
int $totalPayments,
float $interest
)
{
//***********************************************************
// INTEREST * ((1 + INTEREST) ^ TOTALPAYMENTS)
// PMT = LOAN * -------------------------------------------
// ((1 + INTEREST) ^ TOTALPAYMENTS) - 1
//***********************************************************
$value1 = $interest * pow((1 + $interest), $totalPayments);
$value2 = pow((1 + $interest), $totalPayments) - 1;
$pmt = $loanAmount * ($value1 / $value2);
return $pmt;
Im MySQL
Code:
mysql> select 0.0249/12*170000*power(1+0.0249/12,25*12)/(power(1+0.0249/12,25*12)-1);
+------------------------------------------------------------------------+
| 0.0249/12*170000*power(1+0.0249/12,25*12)/(power(1+0.0249/12,25*12)-1) |
+------------------------------------------------------------------------+
| 761.792586559163 |
+------------------------------------------------------------------------+
1 row in set (0.00 sec)
fine knowing the principal BUT --
Say I want to how much I could borrow?
$payment = 75
$term = 120 #months
$interest = 0.06/12
$loan_origination_principal = ? (return {answer})
Anyone have an idea?
Last edited: