Purchase Solution

Formula for determining loan amount

Not what you're looking for?

Ask Custom Question

Write down the formula for determining how much money was borrowed and how to calculate it.
If I have the following example : monthly payment is 821.69 for 30 years at 6.5%.

Purchase this Solution
Solution Summary

The solution explains the formula for finding loan amount for given periodic payment and periods.

Solution Preview

Please see ATTACHED Word document for complete solution, including formulas and explanation. Work done with the help of ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
Recent Feedback
  • "Thank you"
  • "Really great step by step solution"
  • "I had tried another service before Brain Mass and they pale in comparison. This was perfect."
  • "Thanks Again! This is totally a great service!"
  • "Thank you so much for your help!"
Purchase this Solution
Free BrainMass Quizzes
Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Basics of corporate finance

These questions will test you on your knowledge of finance.

Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Motivation

This tests some key elements of major motivation theories.

Marketing Research and Forecasting

The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.

View More Free Quizzes
Related BrainMass Solutions

  • Preparing Amortization schedule for a loan

    Please refer table above, we get First year interest amount is $1300 Second year interest amount is $918.42 Third year interest amount is $487.24 Solution describes the steps in determining equal annual payments for a given rate, period and principal

  • Perl Program - Mortgage Calculator

    Write a mortgage calculator PERL(.cgi) program that asks the user for the following information: 1. Loan amount 2. Number of years 3.

  • JAVA Help Arrays

    The payment amount needs to be two decimal points. The loan data should be held in an array. I have provided the original loan amount below and the formula to be used. I also included the java program attachment.

  • Blended Interest Rate

    a simple excel tool in which one may enter the amount and interest rate for two separate loans and amounts that calculates the blended interest rate for those two "interest-Only" loan amounts.

  • MCQ on Loan Amortization

    299994 MCQ on Loan Amortization: Example Problem Loan amortization, which refers to determining equal annual loan payments, can be implemented by which of the following? a.

  • Math of Finance Monthly Payments

    479056 Math of Finance Monthly Payments You find a small business loan in the amount of 50,000 is the amount you need to purchase the restaurant location.

  • Determinig annual installments

    If payment is at the beginning of period It is a case of annuity due, PV of loan amount=R*PV factor*(1+interest rate) 1000=R*3.6048*(1.12) R=1000/(3.6048*1.12)= 247.6856 Annual payment=$247.69 The solution describes the steps for determining

  • Calculate Simple Interest, Future Value and Present Value

    Find the simple interest I of the given loan amount. $490 borrowed at 6 3/4% for 271 days.

  • How many percentage points lower is the interest rate on the less expensive debt instrument?

    The compound interest formula is: Compound Interest = PX(1+r)^n - P Here Compound Interest = 25,000 P=150,000 n=2 and we have to find r.

View More Related Solutions