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(12/19/02 9:57 pm) Reply
Can I Solve for Loan?
ALGEBRA PROBLEM: CAN I SOLVE FOR LOAN?
That is, I need the Loan (L) by itself on the left hand side, all other variables and constants on the right side. I am writing a PHP programming project for a mortgage company, and need these formulas simplified.
This is the longer one for Traditional closing costs (added parentheses to clarify):
L = P + N + 330 + (.003 * (L - 100000)) + (.0035 * L) + ((330 + (.003 * (L - 100000))) / 10) + (E * L) + (.002 * L) + (L * R * 15 / 360) + (O * L) + (D * L)
This is for Low closing costs:
L = P + (.002 * L) + (.0035 * L) + (L * R * 15 / 360)
This is for No closing costs:
L = P + (L * R * 15 / 360)
Need all three separate equations simplified, with L by itself on the left. Thanks.
For your info on what the variables mean:
L = Loan Amount, P = Payoff, N = number of added closing costs, E = Escrow percent, R = current Rate, O = Origination Fee percent, D = Discount Points percent.
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