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The Mathematics of Borrowing Money

Published online by Cambridge University Press:  01 August 2016

Fergus J. Gaines
Fergus J. Gaines*
Affiliation:
Department of Mathematics, University College Dublin
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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
Information
The Mathematical Gazette , Volume 70 , Issue 451 , March 1986 , pp. 14 - 18
Copyright
Copyright © Mathematical Association 1986

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