Thread: Loan Table

Does anyone have any code that have worked on that computed a loan using a nested for loop. Here is a sample of what I am trying to accomplishhere is some sample output with the principal or loan
amount at 10,000 at 7% for 5 years.

monthly payment 198.01

year balance amtpaid interest paid


1 8269.02 2376.14 645.16
2 6412.91 4752.29 1165.20
3 4422.62 7128.43 1551.05
4 2288.45 9504.58 1793.02
5 0.00 11880.72 1880.72

any help would be great.

Here are the two formulas that I was given

mp = Pr / (1-1/(1+r)raised N)

mp = monthly payment
p = princiapl
r= monthly rate of interest
n= months

also

bN = P(1+r)raised N - mp((1+r)raisedN - 1)r

bN is the balance of the principal after N months

also I am trying to calculate (1+r)raised N using the pow function.

I hope that helps