Calculate Installment Payment Regime
This PHP function calculates the number of installments required to pay a given amount. It will also calculate the last payment which is always lower than the regular installments. This PHP function can be useful when a payment plan such as lay-by/lay-away is required or just when Imran owes you money. The number of installements is the total number of installments including the last payment.
<?php
/**
*
* @Calculate the installment regime for a given amount and payment amount
*
* @param float $amount The total amount to pay
*
* @param float $payment_amount The amount of installment payments
*
* @return array
*
*/
function installmentRegime($amount, $installments)
{
/*** initialize number of payments required ***/
$num_installments = 1;
/*** initialize the amount of the last payment ***/
$last_payment = $amount;
/*** calculate the number of payments and the amount of the last payment ***/
while($last_payment > $installments)
{
/*** subtract from last payment ***/
$last_payment -= $installments;
$num_installments++;
}
/*** return array has number of payments plus the amount of the final payment ***/
return array('num_installments'=>$num_installments, 'last_payment'=>$last_payment);
}
?>
Example Usage
<?php
/*** amount to pay ***/
$amount = 1234.31;
/*** amount of installments ***/
$installments = 12.50;
$info = installmentRegime($amount, $installments);
echo $info['num_installments'].' installments. Last installment is '.$info['last_payment'];
?>