Using mathlab programme The formula for calculating the equated monthly installm

Question

Using mathlab programme The formula for calculating the equated monthly installment due on a loan is given below. This is the amount paid every month while the loan is outstanding and goes towards repaying both the principal and the interest. Ml = P.r. (1 + r)^n/((1 + r)^n - 1) Where P is the principal loan amount. r is the rate of interest calculated on a monthly basis. n is the tenure in months. Create a Matlab function called calMI with three inputs: the principal amount, the interest rate and time period in months to calculate equal monthly payment. Use the function to calculate what monthly payment would be made for an amount of RM 4 million to be repaid in 30 years at an interest rate of 6 % per year.

Explanation / Answer

Answer 1

Payment = payper(Rate, NumPeriods, PresentValue, FutureValue, Due) returns the periodic payment of a loan or annuity.

Answer 2

Payment = payper(6%/12 , 360 , 4000000 , 0 , 0)

=> $23982

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