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Amount Which Can Be Borrowed

Solver
	%	Interest Rate
		Number of Periods/Year
		Total Number of Periods
$		Payment Amount

Explanation

This formula solves for the amount of money which can be borrowed and then repaid given regular, level payments that will pay the entire balance within its term.

Results

The amount which can be borrowed is $34,850.26.

Example

You are a mortgage loan officer and your good customer has applied to you for a loan to do some remodeling. He will retire in 10 years and would like to have the loan repaid by then. If rates are 12% and he can pay $500.00 a month, how much can he borrow.

You may enter your terms in the boxes above. Just click 'Solve' to calculate. Click 'Reset' to redisplay this example.

These calculations are presented for demonstration purposes only.
Contact Math Corporation for additional information.

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Thursday, Sep 9, 2010

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