Need help with a calculation

jimbobber

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Joined
Jan 21, 2021
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Hi all!
OK, so I feel a bit out of my depth with a problem I have and I am hoping so much you can help.

I have a finance calculator form I am making, oddly I can do that part!
What I cannot figure out is the formula I need to pop into the form to make it make sense.

I have 3 fields
1 Amount to borrow (user can input this)
2 Interest Rate (User can select this)
3 Length of time to repay (user can select this)

So, what I need to know is something like this, I know it is wrong, I just can't work it out...
[1] x [2] x [3] and that gives me the answer

What I need is the Total amount they will have borrowed over that time period, I have the monthly payments displayed already and that works

Can anyone help with this, it is driving me mad and all the searches I do just give me online calculators, which is the opposite of what I need :D

Thanks so much in advance!
 
You also need the period over which interest compounds

The general formula is

[MATH]fv = pv\left(1 + \dfrac{r}{p}\right)^{L p}\\ \text{where:}\\ \text{fv = the future value of the loan, i.e. what you're after}\\ \text{pv = the present value of the loan, i.e. what you borrowed (1)}\\ \text{r = the annual interest rate (2) }\\ \text{p = the number of periods a year over which interest compounds. 1 for annually, 12 for monthly}\\ \text{L = the lifetime of the loan in years (3)}[/MATH]
 
Thank you for the reply, it sort of makes sense to me!
So, going by the format I need that would be [fv] = {[pv] + [r] / [p]} * {[l] * [p]} ?
Sorry, I don't really know that the brackets mean there is pv timed by everything in the brackets?
I also do not know what the lp means up there floating around.
I feel really dumb right now, sorry!
 
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