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Subject: "Interest Rates Formula"     Previous Topic | Next Topic
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twokurka
Charter Member
2 posts
Feb-08-01, 11:53 AM (EST)
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"Interest Rates Formula"
 
   I am looking for a formula to complete a computer program to determine the following:

The program relates to interest rate calculations.
Example:

Monthly Payment.............................$400.00
Calculated Interest Per Day.................. $6.98

I need an algebraic formula that will give the amount of times
$6.98 will be divided into the $400.00 with the results giving me an integer of "57" with $2.14 being the remainder. Our data processing system at work calculates APR interest by calculating the daily interest amount due on each loan, mulitiplying it by the number of days between payments and if the interest owed exceeds the payment amount, the amount of interest charged to the loan is in exact increments of the daily interest amount, with the remainder going to principle. If more interest is owed, it accrues the interest to the next payment due. I just need the formula to calculate the division. I know this was hard to explain and I appreciate any help you might be able to give me.


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alexb
Charter Member
672 posts
Feb-09-01, 01:28 AM (EST)
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1. "RE: Interest Rates Formula"
In response to message #0
 
   LAST EDITED ON Feb-09-01 AT 01:33 AM (EST)

[400/6.98] = 57
400 - [400/6.98]*6.98 = 2.14

[x] means the whole part of x.


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twokurka
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2 posts
Feb-09-01, 11:45 AM (EST)
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2. "RE: Interest Rates Formula"
In response to message #1
 
   Thanks, but I still do not understand the formula.
I need 400/6.98 = 57, not 57.31. The program has to determine the exact number of times 6.98 goes into 400 and spill out the remainder. Please Explain the first part of the forumla. I have to round down the answer via using a formula or the program will pick up the true value of 57.31 giving me an error result.


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alexb
Charter Member
672 posts
Feb-09-01, 11:53 AM (EST)
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3. "RE: Interest Rates Formula"
In response to message #2
 
   > I still do not understand the formula.
> I need 400/6.98 = 57, not 57.31.

[400/6.98] = 57, not 57.31.

The brackets are not just a variation on parentheses. They denote the whole part function.

> I have to round down the answer
> via using a formula or the program
> will pick up the true value

It depends on what program or what language you use.

The whole part function is also called floor. Check your manuals. In C or C++ or Java you could just make a recasting to an integer:

int N = (int)(400/4.68);


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