scheduled loan payment setup question

[John W. Eaton]

On 23-Dec-2002, Brian Smith <bsmith3@charter.net> wrote:

| This is (one of the reasons) why so far I'm not impressed 
| with the Loan Druid. The interest portion should be 
| calculated based on the current loan balance, not just on 
| the original loan amount. Your solution is pretty close to 
| correct - it works for most mortgage loans, although car 
| loans are typically compounded daily and you would need to 
| use balance * interest / 365 * days since last payment. 

Right, I realize that the method I want to use is only valid for
certain loans.

So I guess the question really is, what is the proper way to write a
function (preferably in Scheme) that will do the computation I want?
Is there any FAQ or tutorial info about this topic?

Thanks,

jwe

-- 
www.octave.org        | Unfortunately we were hopelessly optimistic in 1954
www.che.wisc.edu/~jwe | about the problems of debugging FORTRAN programs.
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