As example, a $1,000.00 loan is repaid with monthly payments being 3% of balance owing;
with interest at 1% per month, this is what the loan looks like after 2 payments:
a = amount borrowedCode:N PAYMENT INTEREST BALANCE 0 1000.00 1 30.00 10.00 980.00 2 29.40 9.80 960.40
i = monthly interest rate (.01 in above)
m = minimum pay't rate (.03 in above)
n = number of payments made
Gimme a formula that gives balance owing after n payments.
In terms of a,i,m,n , of course.