SimpIntPaid | R Documentation |
Computes the total amount paid at the end of n periods using simple interest
SimpIntPaid(P, n, i)
P |
numeric vector that contains the present value(s) |
n |
numeric vector that contains the period value(s) |
i |
numeric vector that contains the interest rate(s) as whole number or decimal |
Simple Interest is expressed as
I = Pni
S_n = P + I
or
S_n = P\left(1 + ni\right)
the "principal amount (lent or borrowed)"
S_n
the "total amount paid back"
the "simple interest"
the "interest rate per interest period"
the "number of interest periods"
SimpIntPaid numeric vector that contains the total amount paid at the end of n periods rounded to 2 decimal places
Irucka Embry
Chinyere Onwubiko, An Introduction to Engineering, Mission, Kansas: Schroff Development Corporation, 1997, page 205-206.
William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling, Engineering Economy, Fourteenth Edition, Upper Saddle River, New Jersey: Pearson/Prentice Hall, 2009, page 116.
library(iemisc)
# Example for equation 4-1 from the Sullivan Reference text (page 116)
SimpIntPaid(1000, 3, 10) # the interest rate is 10%
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