Amortization function
May 20, 2008 by Nathan Gardner
Amortization is the means of paying out a predetermined sum, plus interest over a fixed period of time - so that the principal is completely eliminated by the end of the term.
I have found this to be very accurate (maybe a couple of pennies off on the final balloon payment). However, some financial companies may vary the way they calculate everything - so your millage may vary.
I originally wrote this function for Lending.com, however since then they have converted to ASP - so they no longer use this as it is written in PHP. This is very useful even for yourself if you plan on buying a car/house or just want to see how much credit cards are costing you.
Feel free to use this, modify it, and re-distribute it - as long as you do it freely.
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