Hostname: page-component-5c6d5d7d68-wbk2r Total loading time: 0 Render date: 2024-08-16T01:43:11.708Z Has data issue: false hasContentIssue false

The Mathematics of Borrowing Money

Published online by Cambridge University Press:  01 August 2016

Fergus J. Gaines*
Affiliation:
Department of Mathematics, University College Dublin

Extract

Many people have had the experience of borrowing a sum of money which is to be repaid with interest by making equal monthly payments over a year or a number of years. Two problems suggest themselves:

1. If the annual rate of interest is known what is the value of each monthly payment?

2. If the monthly payment is known, what is the annual rate of interest?

Type
Research Article
Copyright
Copyright © Mathematical Association 1986

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)