Formula on Maximum loan..

Hi People..

I urgently need help. I'm using java application to create a calculator. I'm developing affordability calculator and I urgently need the formula to get maximum loan.

My input fields will be..

monthly payment ( 30% of monthly income)

Annual interest rate

Term (Years)

Im not sure of the formula to calculate the maximum loan amount.. \please help me... thanks alot :confused:

Esh

Formula for maximum loan..

Hi..

Thanks alot for the replies.

The link that was provided is actually to find monthly payment.

I need to find the maximum loan that the borrower can get. And ya, the borrower's income is also important in this. 30% of his income is known as monthly instalment.

Annual Interest = Entered by the borrower

Term (months)

I think the formula is something like this , monthlyInstalment / (AnnualInt , term); But I dont understand the formula.

I hope im clear with my explanation.