What is Outstanding balance?
The amount still owed on a loan at a given point in its term.
This is the payoff figure, and it falls out of the same derivation as the EMI one step earlier.
B_k = P(1+i)^k − E[((1+i)^k − 1) / i]This is the payoff figure, and it falls out of the same derivation as the EMI one step earlier.
B_k = P(1+i)^k − E[((1+i)^k − 1) / i]