APR Calculation

[itnchans]

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.

[CJ_London]

post duplicated here

http://www.access-programmers.co.uk/...=1#post1483032

OP advised of implications