PHP Classes

Compex PHP Compound Interest Calculator: Calculate compound interest on loans

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2021-08-30 (3 months ago) RSS 2.0 feedNot yet rated by the usersTotal: 26 All time: 10,395 This week: 189Up
Version License PHP version Categories
compex 1.0The PHP License5PHP 5, Finances
Description Author

This package can calculate compound interest on loans.

It implements an application that allows users to get the results of calculations on loan amounts. Currently it can:

- Get the values of the yearly interest rate, the amount to be returned as interest monthly, and the tenor time, i.e. the remaining tenor before a financial contract expires.
- Calculate the monthly interest rate in percentage. We have the opening and closing values. The opening value starts at 0.
- Iterate through the number of months and calculate the interest on both the fixed amount to be invested monthly plus opening value. The closing value thus equals the interest on the amount to be invested plus interest on the opening value, which is the closing value of the previous day.

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Name: uche <contact>
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Details

<p align="center">Compund Interest</p>

About

  • Get the values of the yearly interest rate, the amount to be interested monthly and the tenor.
  • Calculate the monthly interest rate in percentage. We have the opening and closing values. The opening value starts at 0.
  • Loop, (using a for loop) through the number of months and calculate the interest on both the fixed amount to be invested monthly + opening value. The closing value thus equals the interest on the amount to be invested + interest on the opening value (which is the closing value of the previous day).

As you loop, increment and get the needed values - interest at the said month and total amount invested.

How to Use

  • Git clone and composer install
  • Run php artisan serve
  • Visit /exercise to test code.
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