finding loan balance

genius99 — Tue, 24 Sep 2019 15:43:15 GMT

I have been given this task below can someone help me understand what I have to do?

You are considering taking out a loan that requires monthly payments. The loan is $10000 and has simple interest of 0.25% per month. Your payment is $100 per month. Create data steps that will calculate the following:

Your loan balance after 10 payments.
The number of payments you’ll need to make until the loan is paid off.
The number of payments you’ll need to make if you increase the payment to $125 every other month (starting with 2nd month).

For each, show for each month, the starting loan balance for the payment, the interest charge (calculated before the payment), the payment amount, and the ending balance.

I have loaded all the data sets

/* Load Orders Data */
data work.orders;
  infile "C:/Users/100355202/Desktop/Orders(3).txt" dsd dlm="09"x firstobs=2;
  input OrderID CustomerID $ EmployeeID 
        OrderDate :mmddyy10. RequiredDate :mmddyy10. ShippedDate :mmddyy10.
        ShipVia Freight ShipName :$100. ShipAddress :$100. ShipCity :$100. ShipRegion :$100. 
        ShipPostalCode :$100. ShipCountry :$100.;
  format OrderDate mmddyy10. RequiredDate mmddyy10. ShippedDate mmddyy10.;
run;

/*Load Order Details data */
data work.orderdetails;
  infile "C:/Users/100355202/Desktop/OrderDetails(1).txt" dsd dlm="09"x firstobs=2;
  input OrderID ProductID UnitPrice Quantity Discount;
run;

Re: finding loan balance

Astounding — Tue, 24 Sep 2019 16:16:29 GMT

Just to get you moving ...

It's good that you know how to load your data sets. But those data sets are not related to the questions you have to solve.

Here's a beginning:

data test;
   balance = 10000;
   balance = balance * 1.0025 - 100;
run;

This math computes the remaining balance after 1 month. Now it's up to you to figure out how to extend the logic for multiple months.

Re: finding loan balance

genius99 — Tue, 24 Sep 2019 16:04:17 GMT

does this calculate the Balance after 10 payments?

topic finding loan balance in SAS Studio

finding loan balance

Re: finding loan balance

Re: finding loan balance