formula i said I would include

Im losing my mind!!

Here is the formula I found, if anyone knows how to work it

First you must define some variables to make it easier to set up:

# P = principal, the initial amount of the loan

# I = the annual interest rate (from 1 to 100 percent)

# L = length, the length (in years) of the loan, or at least the length over which the loan is amortized.

The following assumes a typical conventional loan where the interest is compounded monthly. First I will define two more variables to make the calculations easier:

# J = monthly interest in decimal form = I / (12 x 100)

# N = number of months over which loan is amortized = L x 12

Okay now for the big monthly payment (M) formula, it is:

J

M = P x ------------------------

1 - ( 1 + J ) ^ -N

where 1 is the number one (it does not appear too clearly on some browsers)

So to calculate it, you would first calculate 1 + J then take that to the -N (minus N) power, subtract that from the number 1. Now take the inverse of that (if you have a 1/X button on your calculator push that). Then multiply the result times J and then times P. Sorry, for the long way of explaining it, but I just wanted to be clear for everybody.

The one-liner for a program would be (adjust for your favorite language):