Hi Folks,
Just wanted to double-check a formula that I had to convert from Excel. Hoping someone can tell me if I used the "pow" exponentiation properly:
Original Formula:
Payment = i*((pv*((1+i)^n)-fv)/((1+i)^n-1))
And my formula:
$monthlyPaymentAmount = $periodicIR * ($principalAmount * (pow(( 1 + $periodicIR),$numberOfPayments)) - $residualAmount) / (pow((1 + $periodicIR),$numberOfPayments) - 1);
P.S. My past history with "pow" hasn't been great. For some reason, I just can't seem to use it properly. =(
Cheers, and thanks much,
TH
