sliders with calculated result widget.

  • Profile Image
    sixtowns
    Asked on November 02, 2014 at 06:37 PM

     

    Hi, can anybody help I’m trying to do a loan repayment calculator using the ‘sliders with calculated result’ widget.

     

    Showing the amount customer would like to borrow In £

     

    Monthly Loan repayment £, at an interest rate of 2% per month (APR 26.8)

     

    Over a maximum repayment period of 36 months.

     

    Thanks in advance

     

  • Profile Image
    ashwin_d
    Answered on November 02, 2014 at 11:04 PM

    Hello sixtowns,

    Please explain the formula to calculate the repayment calculator and we will surely help you.

    We will wait for your response.

    Thank you!

  • Profile Image
    sixtowns
    Answered on November 03, 2014 at 07:51 AM

     

    Hi I have produced a repayment calculator which I hope will give you an idea of how our calculations work.

     

    Thanks.

    https://app.box.com/s/zkusunlx46cai2gjt5u9

  • Profile Image
    ashwin_d
    Answered on November 03, 2014 at 09:03 AM

    Hello sixtowns,

    I was able to figure out the rest of the formula you have added. Can you please explain the formula to calculate the "Monthly Payment" amount value. Please be noted that you need to actually explain the formula instead of excel function.

    We will wait for your response.

    Thank you!

  • Profile Image
    sixtowns
    Answered on November 03, 2014 at 11:23 AM

     

    Hi, How does this look?

     

     

     

    P = the amount borrowed

     

    r = the monthly interest rate

     

    n = the number of months of the loan

     

    M = the monthly payment

     

    M = P(1+r)n r / [(1+r)n-1]

     

     

     

    Example 1: Customer borrow £1,000.00 at 18% annually for two years. monthly payment is.

     

     

     

    P= £1,000

     

    r = 1.5% per month

     

    n = 24 months

     

    Thus,

     

    M=1,000(1+.015)24(.015)/[(1+.015)24-1]= £49.92.Per Month


     

  • Profile Image
    ashwin_d
    Answered on November 03, 2014 at 11:41 AM

    Hello sixtowns,

    This seems to be clear. 

    Let me check if that can be implemented within the form with the set of formula available.

    I will get back to you on this soon.

    Thank you!

  • Profile Image
    sixtowns
    Answered on November 10, 2014 at 07:02 AM

    Hi, any updates on this?

  • Profile Image
    ashwin_d
    Answered on November 10, 2014 at 08:33 AM

    Hello sixtowns,

    I am still trying to create this form but unable to complete the calculation. I am exploring the other possibilities on how to do the interest calculation within the "Form Calculation" widget.

    I will get back to you on this as soon as I am able to complete it.

    Thank you!