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  1. #1
    esh21 is offline Member
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    Default 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

  2. #2
    Norm's Avatar
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    I urgently need the formula to get maximum loan
    Not sure where you can get that. Maybe from a banker.
    What's the definition of a maximum loan?

    Is it related to the borrower's income?

    Use Google with: mortgage payment formula
    Last edited by Norm; 08-14-2008 at 12:46 AM.

  3. #3
    Niveditha's Avatar
    Niveditha is offline Senior Member
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    Hi,
    Check the following link, this may help you
    Financial Loan Calculator
    To finish sooner, take your own time....
    Nivedithaaaa

  4. #4
    esh21 is offline Member
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    Default 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.

  5. #5
    Norm's Avatar
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    If you've got the forumla for the monthly payment can you use algebra to get the formula you need.
    monthly payment = f(loan amt, period, interest, etc)
    You have the monthly payment and need to compute the loan amount for that:
    loan amt = f(monthly payment, period, interest, etc)

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