I'm building an app which helps a business give short-term loans. I need to create a script which automates the building of an amortization schedule for each customer & stores each customer's amortization schedule in an amortization schedule table which is used to store everyone's A.S.
The information the data-entry person will have is 1) the amount of $$$ for which the customer is requesting a loan 2) The customer will be charged 25 percent of that loan amount and will have to repay the original loan, plus that 25 percent and will do so in 10 payments or less.
I need to create the code to calculate the effective APR ( it generally runs in excess of 300 % !!! )
When the customer comes in to make payments, on a monthly basis, just how much of their payment goes to interest and how much for principal.
If the customer comes in early or late, to make payments, and/or if they make partial payments or extra payments, I need to set the program up so that it correctly resolves issues of how much of each payment goes toward principal and to interest.
Depending on the size of payment and how early or late they are, sometimes the payment isn't large enough to cover the growing interest portion so the application needs to keep track of owed interest and owed principal.