NAME

Finance::Loan - Calculates monthly payment, interest paid, and unpaid balance on a loan.

SYNOPSIS

  use Finance::Loan;
  my $loan = new Finance::Loan(principle=>1000,interest_rate=>.07,number_of_months=>36); # 7% interest rate 
  my $monthlyPayment = $loan->getMonthlyPayment();
  my $interestPaid=$loan->getInterestPaid();
  my $balanceAfterPaymentN = $loan->balanceAfterPayementN(n);

DESCRIPTION

new Finance::Loan(principle=>1000,interest_rate=>.07,number_of_months=>36)

Creates a new loan object. Ensure that interest_rate is a decimal. So, a 7 percent interest rate is .07 while a 14 percent interest rate is .14

$loan->getMonthlyPayment()

Returns the monthly payment on the loan.

$loan->getInterestPaid()

Returns the total amount of interest that needs to be paid on the loan.

$loan->balanceAfterPaymentN(n)

Returns the unpaid balance on the account after payment n, if no additional principle payment on the loan is received.

BUGS

None known.

DISCLAIMER

Calculations are presumed to be reliable, but not guaranteed.

AUTHOR

Zachary Zebrowski zaz@mitre.org

SEE ALSO

Nickell, Daniel - Forecasting With Your Microcomputer, Tab Books (C) 1983.