Repayment Calculators

CreditCard Module

Functions

Note:

• apr should be as decimal (ex. 6.99% would be 0.0699)
• For map arguments: %{:at_month => [ex. 12], :amount => [ex. 300]}
  • :at_month is the number of months from now that you would like to apply the additional payment. So :at_month => 6 would be six months from now.
  • :amount is the amount that you would like to increase your payment by. So if your payment is 100 and :amount => 400, your payment will increase to 500 at the specified month.

1. .balance_over_months/3

• Args: (beginning_balance, apr, months)
• Calculates what balance will be over x months.

1. .balance_over_months_with_payment/4

• Args: (beginning_balance, apr, months, payment)
• Calculates what balance will be over x months with consistent payment.

1. .months_to_payoff/3

• Args: (balance, apr, payment)
• Calculates how many months it will take to payoff with consistent payment.

1. .months_to_payoff_w_bump/4

• Args: (beginning_balance, apr, payment, %{:at_month => [ex. 12], :amount => [ex. 300]})
• Same as months_to_payoff/3 but allows you to bump the payment at a specified month for the remainder of the payments. Ex. Months 1 - 6, payment is 100, months 7 onward, payment is 500.

More to Come