Hi All,
I'm trying to setup a payday loan database, just need a few pointer in the right direction.
a) I'm trying to find a formula to workout APR, if principle borrowed, loan duration, monthly repayments, monthly rate and final balance paid are provided
eg borrowed = £1000
duration = 6 month
monthly repayment = £362.50
monthly rate = 15%
final balance = £1450
how would I work out the APR?
b) if customer monthly payment of £362.50 for the first month. in the second month they make £725.00, how would the code to adjust payment schedule work
Would appreciate any pointers or even example code.