wondering if someone can help a non-mathematician out.
I am looking for the formula for calculating the total interest payable over the life of a loan.
Given that we know:
P: Principal (amount) of loan R: The monthly repayments on the loan T: The term of the loan (i.e. the number of repayments) r: The annual interest rate
Assume that interest is accrued monthly and that repayments are made in arrears (at the end of each loan period).