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  1.  Home
  2. RPG400-L
  3. December 2008

Re: Creating an Amortization Schedule

Now, i'm maintaining loan system for banking that using sets of rule
from central bank.
There is a lot parameter to calculate amortization schedule, like
rate (efectif,flat),
balance for accrual (original, current, anniversary,amortized),
Year base code (30/360,30/365,Actual/360,Actual/365),
Frequency(mont,year), grace periode,etc.


i suggest you to read :
http://as.wiley.com/WileyCDA/WileyTitle/productCd-0470042907.html


On Fri, Dec 5, 2008 at 2:42 PM, <Asher613Smith@xxxxxxx> wrote:
As I said before, look in EXCEL. All the formulas are there. (Financial
functions). Click on "Help on this function" for the formula.

e.g., for
IPMT
Returns the interest payment for a given period for an investment based on
periodic, constant payments and a constant interest rate. For a more complete
description of the arguments in IPMT and for more information about annuity
functions, see _PV_
(mk:@MSITStore:C:\Program%20Files\Microsoft%20Office\Office10\1033\xlmain10.chm::/html/xlfctPV.htm) .
Formula Description (Result) =IPMT(A2/12, A3*3, A4, A5) Interest due in
the first month for a loan with the terms above (-22.41) =IPMT(A2, 3, A4,
A5)
Interest due in the last year for a loan with the terms above, where
payments are made yearly (-292.45)



In a message dated 12/5/2008 8:50:37 A.M. Jerusalem Standard Time,
koldark@xxxxxxxxx writes:

I am not exactly a student, but in my searches I found the formula mentioned
in the wikipedia post, but it didn't divulge into how to get the various
parts of the payments. That is what I am focusing on. This will help me out
thank you.

--
Mike Wills
Midrange Programmer/Analyst
http://whois.mikewills.name/
http://www.linkedin.com/in/mikewills


On Thu, Dec 4, 2008 at 4:32 PM, Shannon ODonnell <
sodonnell@xxxxxxxxxxxxxxxxxxxxxxxxx> wrote:

This sounds like a school assignment.

Calculating an amortization schedule is a pretty basic formula:

This will get you your monthly payment:

M = P * ( J / (1 - (1 + J) ** -N))

Where:

P = Principal
I = Interest
J = Monthly Interest in decimal form: I(12 x 100)
N = Number of months of loan
M = Monthly Payment Amount

To create the amortization table, create a loop in your program and follow
these steps:


Step 1: Calculate H = P x J, this is your current monthly interest

Step 2: Calculate C = M - H, this is your monthly payment minus your
monthly
interest, so it is the amount of principal you pay for that month

Step 3: Calculate Q = P - C, this is the new balance of your principal of
your loan.

Step 4: Set P equal to Q and go back to Step 1: You thusly loop around
until
the value Q (and hence P) goes to zero.


You can probably find the algorithm in an old RPG II textbook too. I
remember doing this same thing in RPG, COBOL and in C in school.

HTH


-----Original Message-----
From: rpg400-l-bounces@xxxxxxxxxxxx [mailto:rpg400-l-bounces@xxxxxxxxxxxx]
On Behalf Of Mike
Sent: Thursday, December 04, 2008 4:15 PM
To: RPG programming on the AS400 / iSeries
Subject: Creating an Amortization Schedule

I have been tasked with creating a program that will generate an
amortization schedule. I have only done a bit of research so far, but I
need
to calculate out payments, interest per payment and principle per payment.
Can any one point me in the right direction to figure this out?

--
Mike Wills
Midrange Programmer/Analyst
http://whois.mikewills.name/
http://www.linkedin.com/in/mikewills
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