LoanFunctions.m Preview 3

LoanFunctions.m Package | Preview Page 1 | Preview Page 2 | Preview Page 3

The package gives both numerical and analytical results. Here is an example of this for the function Payment which has the following definition.

First Load the package.

Here is the monthly payment on a 30 year fixed rate mortgage taken on a $100000 home with a 15% downpayment. The interest rate is 7.2%.

This is the total of the payments over the life of this loan

Here is the monthly payment on a 30 year variable rate mortgage taken on a $100000 home with a 15% downpayment. The interest rate is 6.8% for 25 payments, 7.1% for 34 payments, and then 7.4% thereafter.

This is the total of the payments over the life of this loan.

In addition to numerical results, explicit analytical expressions can be obtained.

Here is the analytical result corresponding to the variable loan case above. This expression is valid when the payment number, , is greater than .

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