Simple Interest: Where; I = Interest Amount over time period P = Principal r = Interest Rate t = Time period could also be a Arithmetic Relation

Compound Interest Where; A = Actual Amount in bank P = Principal r = Interest Rate t = Time Period Could also be expressed as a Geometric Relation N = Term Value n = Term Index

Both could either be first-order-linear recurrance relation (recurrance) or explicit.

Effective Interest Rate

Repayments §

Warning

If it says payments are made at the end of the year, a years worth of interest will accrue between each term. different amount at start of year to amount paid at the end of the year.

MAKE SURE TO PUT REPAYMENTS GOING OUT AS NEGATIVE (LIKE LOAN),

AND GOING INTO UR BANK ACCOUNT POSITIVE (LIKE ANNUITIES)

Amortisation §

The amortisation app allows you to calculate between a 2 specific payments

INT = amount of interest paid in first payment = total amount of interest paid over the loan

Make sure to change it to "Begin" if payments are made at the beginning of the month