Help me with Formula

  • Resolved ifeanyiu

    (@ifeanyiu)


    4 years ago

    I used the below formula for mortgage repayment but the results are way high than what it should be
    PREC(IF(fieldname7, (fieldname2*fieldname7/1200*pow(1+fieldname7/1200,fieldname8)-fieldname7/1200)/(pow(1+fieldname7/1200,fieldname8)-1), fieldname2/fieldname8), 2)

    The page I need help with: [log in to see the link]

Viewing 2 replies - 1 through 2 (of 2 total)
  • Plugin Author codepeople

    (@codepeople)

    4 years ago

    Hello @ifeanyiu

    Thank you very much for using our plugin. The mathematical formula for mortgage calculation is:

    Fixed Monthly Mortgage Repayment Calculation = P * r * (1 + r)^n / [(1 + r)^n – 1]
    where P = Outstanding loan amount, r = Effective monthly interest rate, n = Total number of periods / months

    Pay attention to “n = Total number of periods / months”. You are entering the periods in years. So, you must transform it in months:

    PREC(IF(fieldname7, fieldname2*fieldname7/1200*pow(1+fieldname7/1200,fieldname8*12)/(pow(1+fieldname7/1200,fieldname8*12)-1), fieldname2/(fieldname8*12)), 2)

    Our plugin includes specific financial operations. Please, read the following blog post:

    https://cff.dwbooster.com/blog/2020/08/10/mortgage-calculator

    Best regards.

    Thread Starter ifeanyiu

    (@ifeanyiu)

    4 years ago

    Thank you so much. It worked.

Viewing 2 replies - 1 through 2 (of 2 total)

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  • Last reply from: ifeanyiu
  • Last activity: 4 years ago
  • Status: resolved