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# Year 1 Interest

vCalc Reviewed

Equation / Last modified by Tim on 2015/07/13 11:27
`"Interest"_"Year 1" = `

Year 1 Interest

Variable | Instructions | Datatype |
---|---|---|

`(L) Loan Amount` | This is the original loan balance (Principal) | Decimal |

`(i) "%interest"` | Enter the annual interest rate as a precentage; i.e., enter 4.6 for a 4.6% interest rate | Decimal |

`(n) Duration Months` | Enter the total number of monthly payments | Decimal |

Type

Equation

Category

Industries->Finance->Mortgages and Loans

Contents

3 variables

Tags:

Rating

ID

vCalc.Year 1 Interest

UUID

59f867e8-56dc-11e3-9569-bc764e049c3d

This Year 1 equation provides the amount of interest paid in the first year on a fixed interest loan. This is useful for approximating the tax deduction for the first year.

## INPUTS

The input parameters are:

**L**- the Principle loan amount**n**- the number of months in the duration of the loan**i**- the annual interest rate

This equation,

**Year 1 Interest**, references 2 equations/constants.**Equations and Constants **

This equation,

**Year 1 Interest**, is used in 1 calculator.**Calculators**