Loan Crap

[The Hobo]

I'm having some problem with a few formulas:

I need to know, given the rate, payment, and years, what the amount of a loan would be.

And given the rate, years, and loan amount, what would the payment have to be.

Can anyone help me with this?

[Sastraxi]

Let P represent the payment, L the amount of the loan, Y rep. years, and R represent rate.

R = 0.05 (5%)
P = $6600
Y = 2

L = P / (RY + 1)

R = 0.05
A = $6000
Y = 2

P = (RY + 1) * A

Your question seems pretty simple, so am I missing out on something?

[The Hobo]

I'm not sure. I don't think that's what I need.

I have no idea. My teacher just tells us to make a loan calculator and to use this: http://www.interest.com/hugh/calc/missing.cgi to check our answers.

With your formulas and that calculator, the answers don't match.

However, she has e-mailed us the formulas to use. So I don't need to know anymore.

Thanks for your time. I wish I could have told you what I needed...but I really don't know either.

[Sastraxi]

I'm sorry, I misunderstood what payment meant. So in this case it would just create my payment by months * monthly payment... I just think that's a weird way of doing it.