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We require a programmer to create a script that replicates the Excel function RATE(). The RATE() function is used in Excel to calculate the comparison rate (or effective interest rate) where the repayment value, no. of repayments and initial loan value are known.
We already have a loan calculator which can be seen at http://lendinghub.com.au/tools/borrowing.php, (enter a loan amount and interest rate). You will see that the 'Comparison Rate' is currently not functioning.
The script must cater for loans of different duration and must include the loan costs (settlement fees) charged to the borrower.
For reference look at the website http://www.hughchou.org/calc/formula.html.
You must test the script you create against a range of different starting values to make sure that the correct result is achieved each time.
Finally insert the script into our existing loan calculator and output the result to the Loan Calculator MySQL DB(already created). You will need to use Ajax for data communication.
**To get this script right you will need to understand the simple maths behind the RATE() function**
Previous work: Provide only 1 example a of relevant project
Communication: Daily via email
Timeframe: Completion within 2-3 days of award
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