mort: Calculate the a Missing Loan Term

In rds64/mortgage: Mortgage Analytics in R

Usage

mort(balance = NA, payment = NA, rate = NA, term = NA,
  initial = 0.0041)

Arguments

balance	the initial loan amount
payment	the periodic loan payment amount
rate	the periodic interest rate on the loan
term	the term of the loan in periods
initial	this is the inital rate used in order to numerically solve for rate using the Newton-Ralphson method. 0.0041 is the default initial value which is 5 convergence when the rate is very different than 5

the mort function will return the missing term from a loan

The mort function will return the missing term from a loan. The function will solve for whichever argument is left NA.

Formula: P = (Pv*R) / [1 - (1 + R)^(-n)] P = Monthly Payment Pv = Present Value (starting value of the loan) R = Periodic Interest Rate = APR/number of interest periods per year n = Total number of interest periods (interest periods per year * number of years) mort(balance = 100000, rate = .04/ 12, term = 360) mort(payment = 477.415, rate = .04 / 12, term = 360) mort(balance = 100000, rate = .04 / 12, payment = 477.415) mort(balance = 100000, payment = 477.415, term = 360)

rds64/mortgage documentation built on May 28, 2019, 5:39 p.m.