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Given a $200,000 loan, monthly payments, 30 years at 3.75%, how much principle is paid over...
Given a $200,000 loan, monthly payments, 30 years at 3.75%, how much principle is paid over the first 72 months?
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Expert Solution
Ans $ 24279.99
| P = | Regular Payments | |||
| PV = | Loan Amount | |||
| r = | rate of interest | |||
| n = | no of periods | |||
| P = | r (PV) | |||
| 1 - (1 + r )^-n | ||||
| P = | (3.75%/12)*200000 | |||
| 1 - (1 / (1 + 3.75%/12)^360)) | ||||
| P = | 625 | |||
| 0.674777541 | ||||
| P = | 926.23 | |||
| Beginning Balance | Interest | Principal | Ending Balance | |
| 1 | 2,00,000.00 | 625.00 | 301.23 | 199698.77 |
| 2 | 1,99,698.77 | 624.06 | 302.17 | 199396.60 |
| 3 | 1,99,396.60 | 623.11 | 303.12 | 199093.48 |
| 4 | 1,99,093.48 | 622.17 | 304.06 | 198789.42 |
| 5 | 1,98,789.42 | 621.22 | 305.01 | 198484.40 |
| 6 | 1,98,484.40 | 620.26 | 305.97 | 198178.43 |
| 7 | 1,98,178.43 | 619.31 | 306.92 | 197871.51 |
| 8 | 1,97,871.51 | 618.35 | 307.88 | 1,97,563.63 |
| 9 | 1,97,563.63 | 617.39 | 308.84 | 1,97,254.78 |
| 10 | 1,97,254.78 | 616.42 | 309.81 | 1,96,944.97 |
| 11 | 1,96,944.97 | 615.45 | 310.78 | 1,96,634.19 |
| 12 | 1,96,634.19 | 614.48 | 311.75 | 1,96,322.45 |
| Year #1 End | ||||
| 13 | 1,96,322.45 | 613.51 | 312.72 | 1,96,009.72 |
| 14 | 1,96,009.72 | 612.53 | 313.7 | 1,95,696.02 |
| 15 | $1,95,696.02 | $611.55 | $314.68 | $1,95,381.34 |
| 16 | $1,95,381.34 | $610.57 | $315.66 | $1,95,065.68 |
| 17 | $1,95,065.68 | $609.58 | $316.65 | $1,94,749.02 |
| 18 | $1,94,749.02 | $608.59 | $317.64 | $1,94,431.38 |
| 19 | $1,94,431.38 | $607.60 | $318.63 | $1,94,112.75 |
| 20 | $1,94,112.75 | $606.60 | $319.63 | $1,93,793.12 |
| 21 | $1,93,793.12 | $605.60 | $320.63 | $1,93,472.49 |
| 22 | $1,93,472.49 | $604.60 | $321.63 | $1,93,150.86 |
| 23 | $1,93,150.86 | $603.60 | $322.63 | $1,92,828.23 |
| 24 | $1,92,828.23 | $602.59 | $323.64 | $1,92,504.59 |
| Year #2 End | ||||
| 25 | $1,92,504.59 | $601.58 | $324.65 | $1,92,179.93 |
| 26 | $1,92,179.93 | $600.56 | $325.67 | $1,91,854.26 |
| 27 | $1,91,854.26 | $599.54 | $326.69 | $1,91,527.58 |
| 28 | $1,91,527.58 | $598.52 | $327.71 | $1,91,199.87 |
| 29 | $1,91,199.87 | $597.50 | $328.73 | $1,90,871.14 |
| 30 | $1,90,871.14 | $596.47 | $329.76 | $1,90,541.38 |
| 31 | $1,90,541.38 | $595.44 | $330.79 | $1,90,210.59 |
| 32 | $1,90,210.59 | $594.41 | $331.82 | $1,89,878.77 |
| 33 | $1,89,878.77 | $593.37 | $332.86 | $1,89,545.91 |
| 34 | $1,89,545.91 | $592.33 | $333.90 | $1,89,212.01 |
| 35 | $1,89,212.01 | $591.29 | $334.94 | $1,88,877.06 |
| 36 | $1,88,877.06 | $590.24 | $335.99 | $1,88,541.07 |
| Year #3 End | ||||
| 37 | $1,88,541.07 | $589.19 | $337.04 | $1,88,204.03 |
| 38 | $1,88,204.03 | $588.14 | $338.09 | $1,87,865.94 |
| 39 | $1,87,865.94 | $587.08 | $339.15 | $1,87,526.79 |
| 40 | $1,87,526.79 | $586.02 | $340.21 | $1,87,186.58 |
| 41 | $1,87,186.58 | $584.96 | $341.27 | $1,86,845.31 |
| 42 | $1,86,845.31 | $583.89 | $342.34 | $1,86,502.97 |
| 43 | $1,86,502.97 | $582.82 | $343.41 | $1,86,159.56 |
| 44 | $1,86,159.56 | $581.75 | $344.48 | $1,85,815.07 |
| 45 | $1,85,815.07 | $580.67 | $345.56 | $1,85,469.51 |
| 46 | $1,85,469.51 | $579.59 | $346.64 | $1,85,122.88 |
| 47 | 1,85,122.88 | 578.51 | 347.72 | 1,84,775.15 |
| 48 | 1,84,775.15 | 577.42 | 348.81 | 1,84,426.34 |
| Year #4 End | ||||
| 49 | 1,84,426.34 | 576.33 | 349.9 | 1,84,076.45 |
| 50 | 1,84,076.45 | 575.24 |
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