August 2004
Intermediate to advanced
656 pages
15h 28m
English
Content preview from Return on Software: Maximizing the Return on Your Software InvestmentBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Paying off a Loan Through a Single, Lump-Sum Payment
Using the equal-payment-series capital-recovery (A/P,i,n) formula from the last chapter, you can find the payment amount for a loan given the amount borrowed, duration, and interest rate. However, loans don't always run for their full length. The borrower could decide to pay off the loan early if they wanted. The question in this case is, “How much would the borrower need to pay to make an early payoff?” This payoff amount is sometimes called the unpaid balance, unrecovered balance, or principal owed.
Assume that SRS Software has a 5-year loan of $25,000 at an APR of 6% compounded monthly. According to the formula earlier in this chapter, the 6% APR in monthly terms is i = 6% / 12 = 0.5% per ...
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I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
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