Question

Create the amortization schedule for a loan of $5,400, paid monthly over two years using an APR of 10 percent. Enter the data for the first three months.

	Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 3

Answer 1

	Beginning Balance	Interest	Principal	Ending Balance
1	$5,400.00	$45.00	$204.18	$5,195.82
2	$5,195.82	$43.30	$205.88	$4,989.93
3	$4,989.93	$41.58	$207.60	$4,782.33
4	$4,782.33	$39.85	$209.33	$4,573.00
5	$4,573.00	$38.11	$211.07	$4,361.93
6	$4,361.93	$36.35	$212.83	$4,149.10
7	$4,149.10	$34.58	$214.60	$3,934.49
8	$3,934.49	$32.79	$216.39	$3,718.09
9	$3,718.09	$30.98	$218.20	$3,499.90
10	$3,499.90	$29.17	$220.01	$3,279.88
11	$3,279.88	$27.33	$221.85	$3,058.03
12	$3,058.03	$25.48	$223.70	$2,834.33
year 1 end
13	$2,834.33	$23.62	$225.56	$2,608.77
14	$2,608.77	$21.74	$227.44	$2,381.32
15	$2,381.32	$19.84	$229.34	$2,151.99
16	$2,151.99	$17.93	$231.25	$1,920.74
17	$1,920.74	$16.01	$233.17	$1,687.56
18	$1,687.56	$14.06	$235.12	$1,452.44
19	$1,452.44	$12.10	$237.08	$1,215.36
20	$1,215.36	$10.13	$239.05	$976.31
21	$976.31	$8.14	$241.04	$735.26
22	$735.26	$6.13	$243.05	$492.20
23	$492.20	$4.10	$245.08	$247.12
24	$247.12	$2.06	$247.12	$0.00
year 2 end