Class: AuLoanCalculations::Loan

Inherits:
Object
  • Object
show all
Defined in:
lib/au_loan_calculations/loan.rb

Class Method Summary collapse

Class Method Details

.calculate_monthly_repayment(repayment_type, interest_rate, loan_amount, period = 360, iop = 0, future_value = 0, type = 0) ⇒ Object

period - number of periods (months) interest_only_period - interest only period (years) type - when the payments are due:

0: end of the period, e.g. end of month (default)
1: beginning of period



9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
 
# File 'lib/au_loan_calculations/loan.rb', line 9

def self.calculate_monthly_repayment(repayment_type, interest_rate, loan_amount, period=360, iop=0, future_value=0, type=0)
  interest_rate = (interest_rate / 100) / 12

  if repayment_type == "interest_only"
    interest_only_period = iop
    period = period - (interest_only_period * 12)
  else
    period = period
  end


  return -(loan_amount + future_value)/period if interest_rate == 0

  pvif = ((1 + interest_rate) ** period)
  pmt = - interest_rate * loan_amount * ( pvif + future_value ) / ( pvif - 1 )

  pmt = pmt / (1 + interest_rate) if type == 1

  return pmt.round(2).abs
end