Please can someone help with a php script that calculates the monthly repayments on a loan based on the amount borrowed and the repayment period.
So for example if someone wishes to borrow £10,000 over 60 months with the APR set at 11.40%, it will cost them £216.85 per month and the total repayable afer 60 months will cost £13,011
However the APR reduces with a greater sum of money. So
£5,000 to £9,999 has an APR of 12.90%
£10,000 to £19,999 has an APR of 11.40%
20,000 to 34,999 has an APR of 9.70%
£35,000 + has an APR of 7.90%
repayment periods are fixed to
60 months
96 months
120 months
180 months
240 months
the only user input allowed would be the amount borrowed and the fixed repayment periods.
If anyone can help me with such ascript please let me know.
Cheers
Paul
