Hi Jerry:
It depends on what Altera FPGA you'll be using and how fast you need the calculation done.
In general, the calculations you are doing are not a big deal, so if it don't need matrix done in a specific time frame pretty much any FPGA that can buffer the matrix data can do the job (or use external ram to buffer the matrix). If you need the results at say every video frame rate, the problem is much more difficult, because you have to do the calculations in parallel, but it's still doable, but may be a much more expensive FPGA. How serial -vs- parallel your calculations are really depends on how fast you need the results.
Pete