I'm looking to achieve two things. Both might not be do-able in the same equasion but I'm happy to take advice.
I need to calculate compund interest on a loan. That in itself isn't an issue - I already have a formula that can do this.
Similarly, I need to calculate equal payments - again this is something I can do.
Here's the equasion that solves both of the above:
Representing a rate of 20% per month over 3 months.
However, I have a slightly more complex need:
Compund interest; Equal repayments over a fixed period (e.g 3 monthly payments); Varying interest periods.
As an example, credit cards work that way - they charge interest daily, but the number of days will vary dependent on the month and the way that weekend dates fall. However, it's not typical to repay a card over a fixed number of months like a loan, so I can't find an example to work through.
A credit card might have 3 periods of 30, 28 and 29 and I want to repay the full balance over over 3 periods. The repayments must be equal (or as equal as possible).
Can anyone give me advice, or help me solve the equasion to achieve this?
Thanks in advance.