Superbird
Fire emblem is great
I have this question. I know how to find the total amount owed on a loan after x years. (for this example I'll pretend it's compounded monthly)
Total=P * (1+(i/12))^y
where
P=principal
i=intrest rate, in decimal form
y=# of years.
Now, what is the new equation if I want to factor in an annual payment of x amount? Basically, "if the Principal is $(P) with (i)% intrest , but I've been paying $(x) per year, then how much would I still owe after (y) years?
Is there an equation for that?
Total=P * (1+(i/12))^y
where
P=principal
i=intrest rate, in decimal form
y=# of years.
Now, what is the new equation if I want to factor in an annual payment of x amount? Basically, "if the Principal is $(P) with (i)% intrest , but I've been paying $(x) per year, then how much would I still owe after (y) years?
Is there an equation for that?