Question

You receive a $35,000 car loan at 6% nominal annual for 60 months. Interest is compounded daily and you make monthly payments. How much PRINCIPLE do you pay on your 12th payment?

Answer 1

Interest is compounded daily and you make monthly payments.
Hence Effective Monthly rate = ( 1+ R/360)³⁰ = 0.5012%
Base on following table principal paid on 12th year = 529.81

	r=	0.5012%
	Beginning Balance	Monthly Payment	Interest	Principal Part of PMT	Ending Balance
1	35000	$676.88	175.42	$501.46	$34,498.54
2	$34,498.54	$676.88	$172.91	$503.98	$33,994.56
3	$33,994.56	$676.88	170.3807	$506.50	$33,488.06
4	$33,488.06	$676.88	$167.84	$509.04	$32,979.02
5	$32,979.02	$676.88	165.2908	$511.59	$32,467.43
6	$32,467.43	$676.88	$162.73	$514.16	$31,953.27
7	$31,953.27	$676.88	160.1498	$516.73	$31,436.54
8	$31,436.54	$676.88	$157.56	$519.32	$30,917.22
9	$30,917.22	$676.88	154.9571	$521.93	$30,395.29
10	$30,395.29	$676.88	$152.34	$524.54	$29,870.75
11	$29,870.75	$676.88	149.7122	$527.17	$29,343.58
12	$29,343.58	$676.88	$147.07	$529.81	$28,813.77
13	$28,813.77	$676.88	144.4146	$532.47	$28,281.30
14	$28,281.30	$676.88	$141.75	$535.14	$27,746.16
15	$27,746.16	$676.88	139.0638	$537.82	$27,208.35
16	$27,208.35	$676.88	$136.37	$540.51	$26,667.83
17	$26,667.83	$676.88	133.6592	$543.22	$26,124.61
18	$26,124.61	$676.88	$130.94	$545.95	$25,578.66
19	$25,578.66	$676.88	128.2003	$548.68	$25,029.98
20	$25,029.98	$676.88	$125.45	$551.43	$24,478.55
21	$24,478.55	$676.88	122.6865	$554.20	$23,924.35
22	$23,924.35	$676.88	$119.91	$556.97	$23,367.38
23	$23,367.38	$676.88	117.1173	$559.77	$22,807.61
24	$22,807.61	$676.88	$114.31	$562.57	$22,245.04
25	$22,245.04	$676.88	111.4922	$565.39	$21,679.65
26	$21,679.65	$676.88	$108.66	$568.22	$21,111.43
27	$21,111.43	$676.88	105.8105	$571.07	$20,540.36
28	$20,540.36	$676.88	$102.95	$573.93	$19,966.42
29	$19,966.42	$676.88	100.0717	$576.81	$19,389.61
30	$19,389.61	$676.88	$97.18	$579.70	$18,809.91
31	$18,809.91	$676.88	94.27527	$582.61	$18,227.30
32	$18,227.30	$676.88	$91.36	$585.53	$17,641.77
33	$17,641.77	$676.88	88.42058	$588.46	$17,053.31
34	$17,053.31	$676.88	$85.47	$591.41	$16,461.90
35	$16,461.90	$676.88	82.50705	$594.38	$15,867.53
36	$15,867.53	$676.88	$79.53	$597.35	$15,270.17
37	$15,270.17	$676.88	76.5341	$600.35	$14,669.82
38	$14,669.82	$676.88	$73.53	$603.36	$14,066.47
39	$14,066.47	$676.88	70.50113	$606.38	$13,460.09
40	$13,460.09	$676.88	$67.46	$609.42	$12,850.66
41	$12,850.66	$676.88	64.40753	$612.47	$12,238.19
42	$12,238.19	$676.88	$61.34	$615.54	$11,622.65
43	$11,622.65	$676.88	58.2527	$618.63	$11,004.02
44	$11,004.02	$676.88	$55.15	$621.73	$10,382.29
45	$10,382.29	$676.88	52.03601	$624.85	$9,757.44
46	$9,757.44	$676.88	$48.90	$627.98	$9,129.46
47	$9,129.46	$676.88	45.75686	$631.13	$8,498.33
48	$8,498.33	$676.88	$42.59	$634.29	$7,864.05
49	$7,864.05	$676.88	39.4146	$637.47	$7,226.58
50	$7,226.58	$676.88	$36.22	$640.66	$6,585.92
51	$6,585.92	$676.88	33.00861	$643.87	$5,942.04
52	$5,942.04	$676.88	$29.78	$647.10	$5,294.94
53	$5,294.94	$676.88	26.53824	$650.34	$4,644.60
54	$4,644.60	$676.88	$23.28	$653.60	$3,990.99
55	$3,990.99	$676.88	20.00286	$656.88	$3,334.11
56	$3,334.11	$676.88	$16.71	$660.17	$2,673.94
57	$2,673.94	$676.88	13.40179	$663.48	$2,010.46
58	$2,010.46	$676.88	$10.08	$666.81	$1,343.65
59	$1,343.65	$676.88	6.734398	$670.15	$673.51
60	$673.51	$676.88	$3.38	$673.51	$0.00