igivenICPn: Simple Interest rate given Interest Charged, Number of years,...

In iemisc: Irucka Embry's Miscellaneous Functions

Simple Interest rate given Interest Charged, Number of years, and Principal value

Description

Compute i given IC, n, and P

Usage

igivenICPn(P, IC, n = NULL, begin_event = NULL, end_event = NULL)

Arguments

P	numeric vector that contains the principal value
IC	numeric vector that contains the total amount of interest charged
n	numeric vector that contains the number of years
begin_event	character vector that contains the start date
end_event	character vector that contains the end date

Details

i is expressed as

i = {\frac{IC * 100}{P * n}}

i

the interest rate

IC

the total amount of interest charged

P

the principal amount of the loan

n

the number of years

Value

i numeric vector that contains the simple interest rate as a percent rounded to 2 decimal places

Author(s)

Irucka Embry

References

TN Code § 47-14-102 (2021). 2021 Tennessee Code – Title 47 - Commercial Instruments and Transactions – Chapter 14 - Interest Rates Generally – § 47-14-102. Definitions. See https://law.justia.com/codes/tennessee/2021/title-47/chapter-14/section-47-14-102/.

Examples

# Example 1

library(iemisc)

igivenICPn(P = 500, IC = 1000, n = 10)




# Example 2

library(iemisc)

igivenICPn(P = 500, IC = 1000, begin_event = "1 January 2020", end_event = "1 January 2030")

iemisc documentation built on Sept. 25, 2023, 5:09 p.m.