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Section 4 Equations

QuestionAnswer
What is the amortization formula for interest? monthly interest x balance
What is the amortization formula for payment toward principal (PTP)? payment - interest
What is the amortization formula for new principal/balance? balance - PTP
What is the formula for average daily balance (ADB)? total of days x balance divided by total number of days
How do you find interest with ADB? ADB x monthly interest rate
What is the formula for ending balance in ADB questions? final balance (not total) + interest
Created by: user-1965680
 

 



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