Hello and welcome to our community! Is this your first visit?
Register
Enjoy an ad free experience by logging in. Not a member yet? Register.
Results 1 to 4 of 4
  1. #1
    New Coder
    Join Date
    Jan 2012
    Posts
    33
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Calculator Tool, very tricky!!!

    Ok well basically:

    I want to create a tool where visitors can use sliders to calculate the size and repayments of their UK student loan.

    Heres the numbers:
    Tuition loan: up to £9000 a year
    Maintanence loan: up to say £20,000 a year
    Interest is at a rate of 3% + inflation p.a.
    You only start paying it back once you earn over £21,000 and you pay back 9% of the difference of what youre earning and £21,000.

    Lets do an example:

    I do a three year course, borrow £9000 for tuition and £6000 for living each year. I then come out with a debt of £45,000 but get a job that pays £25,000.

    So each year I will be paying 9% of £25,000-£21,000 which ends up as £360 over the year. However, if we assume inflation is about 3% when i graduate the interest rate on the loan would be 3%+3%=6% and so the interest for that year would be £2700.

    After 30 years the loan gets wiped..

    This is a good example of what i mean:

    http://www.thecompleteuniversityguid...ent-calculator

    Please quote!!

  • #2
    New to the CF scene
    Join Date
    Jun 2011
    Location
    USA/Kentucky
    Posts
    6
    Thanks
    0
    Thanked 0 Times in 0 Posts
    What would you like to code this in? PHP/javascript/etc?

    Plus, your link is broken. So I can't view the example.

  • #3
    New Coder
    Join Date
    Jan 2012
    Posts
    33
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Quote Originally Posted by hershey. View Post
    What would you like to code this in? PHP/javascript/etc?

    Plus, your link is broken. So I can't view the example.
    Apologies the link is http://www.thecompleteuniversityguid...ent-calculator

    Which would you recommend?

  • #4
    Regular Coder
    Join Date
    Jun 2002
    Location
    Flint, Michigan, USA
    Posts
    632
    Thanks
    1
    Thanked 21 Times in 21 Posts
    Quote Originally Posted by codeseeker View Post
    So each year I will be paying 9% of £25,000-£21,000 which ends up as £360 over the year. However, if we assume inflation is about 3% when i graduate the interest rate on the loan would be 3%+3%=6% and so the interest for that year would be £2700.
    If the interest per year is at 2700 and you're only paying back 360, you go 2340 further in debt each year. This loan will never be paid off.

    Or did I miss something here?


  •  

    Posting Permissions

    • You may not post new threads
    • You may not post replies
    • You may not post attachments
    • You may not edit your posts
    •