Posted on August 29, 2010.
In my math class I Have to fill out year amortization schedule for 24 months With The followings information:
Principal: $ 15,000
rate 6.25%
term: 2 years
payments of: $ 666.50
I've filled in all The Information for the first 23 payments of $ 666.50 and now I Have a balance of $ 147.52.
In order to make my zero balance, How Much Money, before interest, my last payment "should be?
Greg Natale says...
All 24 payments are equal.
Loan Amortization Schedule
Loan Amount15,000.00
Interest Rate6.2500%
Term in Years 2.00
Periods24
--------------------------------------…
# PaymentInterest Principal Balance
--------------------------------------…
1 666.50 78.13588.37 14,411.63
2 666.50 75.06591.44 13,820.19
3 666.50 71.98594.52 13,225.67
4 666.50 68.88597.62 12,628.05
5 666.50 65.77600.73 12,027.32
6 666.50 62.64603.86 11,423.46
7 666.50 59.50607.00 10,816.46
8 666.50 56.34610.16 10,206.30
9 666.50 53.16613.349,592.96
10 666.50 49.96616.548,976.42
11 666.50 46.75619.758,356.67
12 666.50 43.52622.987,733.69
13 666.50 40.28626.227,107.47
14 666.50 37.02629.486,477.99
15 666.50 33.74632.765,845.23
16 666.50 30.44636.065,209.17
17 666.50 27.13639.374,569.80
18 666.50 23.80642.703,927.10
19 666.50 20.45646.053,281.05
20 666.50 17.09649.412,631.64
21 666.50 13.71652.791,978.85
22 666.50 10.31656.191,322.66
23 666.506.89659.61663.05
24 666.503.45663.050.00
--------------------------------------…
Totals:15,996.00996.00 15,000.00
Posted on September 8, 2010
