My goal is to calculate loan payoff date. Actually I'm making a wordpress plugin to calculate that. I made a form from I can have following inputs from user.
Current Loan Information
Original Balance Current Balance Interest Rate Term (Years) Payment Amount
New Line of Credit Information
Chunk Amount LOC Interest Rate
Other Info like Monthly Income, Living Expenses, Start Date etc.
Can I calculate approx. loan payoff date? If somebody has formula for in simple math terms?