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December 21, 2014

December 21, 2014

Posted by **charlie** on Thursday, June 7, 2012 at 9:32am.

Thanks

- math -
**MathMate**, Thursday, June 7, 2012 at 10:24amThis is the same as the formula for borrowing money and repaying a monthly amount.

Let

P=principal

n=number of months it will last

y=interest rate, compounded monthly at y/12, (use 0.10 for 10% per annum)

x=monthly spending

then

p(1+y/12)^n=x((1+y/12)^n-1)/(y/12)

Unfortunately, to solve for n, you need to solve it by trial and error or Newton's method.

There exist compound interest calculators, such as:

http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php#results

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