Posted on: 26th May, 2009 05:35 pm
Hi Guys :)
Im looking for a formula to calculate simple interest amortization. From what I understand simple interest is calculated daily, and all I really need to do is figure out how to calculate the loan payment (principle and interest together) using simple/daily interest. From there I think I can use a standard iteration to figure out the schedule. Im trying to write a program within my database to calculate this number.
Anyone have the power to provide me a miracle? I've looked everywhere.
Mo
Im looking for a formula to calculate simple interest amortization. From what I understand simple interest is calculated daily, and all I really need to do is figure out how to calculate the loan payment (principle and interest together) using simple/daily interest. From there I think I can use a standard iteration to figure out the schedule. Im trying to write a program within my database to calculate this number.
Anyone have the power to provide me a miracle? I've looked everywhere.
Mo
I found a simple interest calculator on the following site which may help you find the way to calculate the loan payment (principle and interest together) using simple interest:
"www.bllaw.co.uk/Files/calc.html"
It's a UK site. So the actual amount would be different when converted into dollars. But over all, there shouldn't be much of a difference in the method of calculation.
"www.bllaw.co.uk/Files/calc.html"
It's a UK site. So the actual amount would be different when converted into dollars. But over all, there shouldn't be much of a difference in the method of calculation.
specify your country so that anyone can resolve your problem
Im aware of the calculators located all over the internet. Im just looking for the mathematical formula so I can implement it in my software. I am in the United States.
BTW. Is it true that standard amortization and simple interest amortization will calculate a monthly payment that is equal to each other? From my understanding they calculate interest in different ways, but the monthly payment should be the same. Is that true?
BTW. Is it true that standard amortization and simple interest amortization will calculate a monthly payment that is equal to each other? From my understanding they calculate interest in different ways, but the monthly payment should be the same. Is that true?