Compound interest question?
Is there a formula for compounding a principal amount when the principal is being paid off over five years? The formulas I am finding just assume the principal stays the same—or is that the way it is done until it is paid off?
I did find an answer for just compounding—so that I have. The question is, is there a different formula if the amount is less each month? or is that already taken in to consideration?
This question is in the General Section. Responses must be helpful and on-topic.