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10 cards from this deck
Geometric progression (GP) theory
AnA_nAn = (principal+interest) - (instalments+interest)
When amount owing reaches zero
Sn=a(rn−1)r−1S_n = \frac{a(r^n-1)}{r-1}Sn=r−1a(rn−1)
One time period after taking out the loan
Set An=0A_n = 0An=0 and solve for MMM
Set An=0A_n = 0An=0 and solve for nnn using logarithms
Must exceed initial interest charge
An+1=An(1+R)−MA_{n+1} = A_n(1+R) - MAn+1=An(1+R)−M
logab=logcblogca\log_a b = \frac{\log_c b}{\log_c a}logab=logcalogcb
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