Tips and cases of use for a successful WordPress website with calculated forms.
Simple Interest (Loan or Mortgage) is the term used by the mortgage and loan industry to describe a particular type of loan that uses simple interest calculations to accrue interest daily.
Simple interest (loan or mortgage) is the term used by the mortgage and loan industry to describe a particular type of loan that uses simple interest calculations to accrue interest daily. The Simple Interest Loan is particularly useful for people who are not professional lenders, and who are just looking for a simple but flexible way to offer and track a loan.
Interest is calculated as the daily interest rate times the number of days between payments.
This post will teach you how to calculate simple interest with the Calculated Fields Form plugin.
The Simple Interest uses the following formulas and definitions:
"Simple Interest" is different than "Compound Interest". No interest is earned on interest, and no interest is paid on interest.
Interest = Principal * Rate_Per_Period * Number_of_Periods
Divide an annual rate by 12 to get (r) if the Period is a month.
The equations code for the result fields are:
Interest
(function(){
var t = fieldname4+fieldname15/12+fieldname16/fieldname17,
P = fieldname1,
r = fieldname2;
return PREC(P*r*t,2);
})()
The Calculated Fields Form plugin (Developer and Platinum versions) includes the "Financial Operations" module for advanced financial projects.