Question
In: Finance
I need the formulas in excel: Thank you You're talking to a friend of yours who...
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I need the formulas in excel: Thank you You're talking to a friend of yours who has student loans of $30,000. She has just graduated and now needs to pay them back with monthy payments at a 4.19% interest rate over the next 10 years. |
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| a. Create a loan amortization table for this loan. | |||||||||
| b. If she increases her monthly payment by $100, how much sooner will she have paid off the loan? | |||||||||
| loan balance | |||||||||
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| interest rate | |||||||||
| monthly payments | |||||||||
| Part a. | Part b. | ||||||||
| Month | Amount owed at beginning | Payment | Amount to Interest | Amount to principle | Amount owed at end | How much sooner will she pay off the loan? | |||
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Solutions
Expert Solution
| Loan Amount | $ 30,000 | |
| Mortgage Rate | 4.19% | |
| Compound Period | Monthly | |
| Amortization Period (in years) | 10 | |
| Term (in years) | 10 | |
| First Payment Date | 01-10-2013 | |
| Payment Frequency | Monthly | |
| . | ||
| Payment | $306.45 |
Payment excel formula: =PMT(0.0419/12,120,30000)
Mortgage table:
| Month | Amount owed at beginning | Payment | Interest | Principal | Amount owed at end |
| 1 | $30,000.00 | $ 306.45 | $ 104.75 | $ 201.70 | $29,798.30 |
| 2 | $29,798.30 | $ 306.45 | $ 104.05 | $ 202.40 | $29,595.90 |
| 3 | $29,595.90 | $ 306.45 | $ 103.34 | $ 203.11 | $29,392.79 |
| 4 | $29,392.79 | $ 306.45 | $ 102.63 | $ 203.82 | $29,188.97 |
| 5 | $29,188.97 | $ 306.45 | $ 101.92 | $ 204.53 | $28,984.44 |
| 6 | $28,984.44 | $ 306.45 | $ 101.20 | $ 205.25 | $28,779.19 |
| 7 | $28,779.19 | $ 306.45 | $ 100.49 | $ 205.96 | $28,573.23 |
| 8 | $28,573.23 | $ 306.45 | $ 99.77 | $ 206.68 | $28,366.55 |
| 9 | $28,366.55 | $ 306.45 | $ 99.05 | $ 207.40 | $28,159.15 |
| 10 | $28,159.15 | $ 306.45 | $ 98.32 | $ 208.13 | $27,951.02 |
| 11 | $27,951.02 | $ 306.45 | $ 97.60 | $ 208.85 | $27,742.17 |
| 12 | $27,742.17 | $ 306.45 | $ 96.87 | $ 209.58 | $27,532.59 |
| 13 | $27,532.59 | $ 306.45 | $ 96.13 | $ 210.32 | $27,322.27 |
| 14 | $27,322.27 | $ 306.45 | $ 95.40 | $ 211.05 | $27,111.22 |
| 15 | $27,111.22 | $ 306.45 | $ 94.66 | $ 211.79 | $26,899.43 |
| 16 | $26,899.43 | $ 306.45 | $ 93.92 | $ 212.53 | $26,686.90 |
| 17 | $26,686.90 | $ 306.45 | $ 93.18 | $ 213.27 | $26,473.63 |
| 18 | $26,473.63 | $ 306.45 | $ 92.44 | $ 214.01 | $26,259.62 |
| 19 | $26,259.62 | $ 306.45 | $ 91.69 | $ 214.76 | $26,044.86 |
| 20 | $26,044.86 | $ 306.45 | $ 90.94 | $ 215.51 | $25,829.35 |
| 21 | $25,829.35 | $ 306.45 | $ 90.19 | $ 216.26 | $25,613.09 |
| 22 | $25,613.09 | $ 306.45 | $ 89.43 | $ 217.02 | $25,396.07 |
| 23 | $25,396.07 | $ 306.45 | $ 88.67 | $ 217.78 | $25,178.29 |
| 24 | $25,178.29 | $ 306.45 | $ 87.91 | $ 218.54 | $24,959.75 |
| 25 | $24,959.75 | $ 306.45 | $ 87.15 | $ 219.30 | $24,740.45 |
| 26 | $24,740.45 | $ 306.45 | $ 86.39 | $ 220.06 | $24,520.39 |
| 27 | $24,520.39 | $ 306.45 | $ 85.62 | $ 220.83 | $24,299.56 |
| 28 | $24,299.56 | $ 306.45 | $ 84.85 | $ 221.60 | $24,077.96 |
| 29 | $24,077.96 | $ 306.45 | $ 84.07 | $ 222.38 | $23,855.58 |
| 30 | $23,855.58 | $ 306.45 | $ 83.30 | $ 223.15 | $23,632.43 |
| 31 | $23,632.43 | $ 306.45 | $ 82.52 | $ 223.93 | $23,408.50 |
| 32 | $23,408.50 | $ 306.45 | $ 81.73 | $ 224.72 | $23,183.78 |
| 33 | $23,183.78 | $ 306.45 | $ 80.95 | $ 225.50 | $22,958.28 |
| 34 | $22,958.28 | $ 306.45 | $ 80.16 | $ 226.29 | $22,731.99 |
| 35 | $22,731.99 | $ 306.45 | $ 79.37 | $ 227.08 | $22,504.91 |
| 36 | $22,504.91 | $ 306.45 | $ 78.58 | $ 227.87 | $22,277.04 |
| 37 | $22,277.04 | $ 306.45 | $ 77.78 | $ 228.67 | $22,048.37 |
| 38 | $22,048.37 | $ 306.45 | $ 76.99 | $ 229.46 | $21,818.91 |
| 39 | $21,818.91 | $ 306.45 | $ 76.18 | $ 230.27 | $21,588.64 |
| 40 | $21,588.64 | $ 306.45 | $ 75.38 | $ 231.07 | $21,357.57 |
| 41 | $21,357.57 | $ 306.45 | $ 74.57 | $ 231.88 | $21,125.69 |
| 42 | $21,125.69 | $ 306.45 | $ 73.76 | $ 232.69 | $20,893.00 |
| 43 | $20,893.00 | $ 306.45 | $ 72.95 | $ 233.50 | $20,659.50 |
| 44 | $20,659.50 | $ 306.45 | $ 72.14 | $ 234.31 | $20,425.19 |
| 45 | $20,425.19 | $ 306.45 | $ 71.32 | $ 235.13 | $20,190.06 |
| 46 | $20,190.06 | $ 306.45 | $ 70.50 | $ 235.95 | $19,954.11 |
| 47 | $19,954.11 | $ 306.45 | $ 69.67 | $ 236.78 | $19,717.33 |
| 48 | $19,717.33 | $ 306.45 | $ 68.85 | $ 237.60 | $19,479.73 |
| 49 | $19,479.73 | $ 306.45 | $ 68.02 | $ 238.43 | $19,241.30 |
| 50 | $19,241.30 | $ 306.45 | $ 67.18 | $ 239.27 | $19,002.03 |
| 51 | $19,002.03 | $ 306.45 | $ 66.35 | $ 240.10 | $18,761.93 |
| 52 | $18,761.93 | $ 306.45 | $ 65.51 | $ 240.94 | $18,520.99 |
| 53 | $18,520.99 | $ 306.45 | $ 64.67 | $ 241.78 | $18,279.21 |
| 54 | $18,279.21 | $ 306.45 | $ 63.82 | $ 242.63 | $18,036.58 |
| 55 | $18,036.58 | $ 306.45 | $ 62.98 | $ 243.47 | $17,793.11 |
| 56 | $17,793.11 | $ 306.45 | $ 62.13 | $ 244.32 | $17,548.79 |
| 57 | $17,548.79 | $ 306.45 | $ 61.27 | $ 245.18 | $17,303.61 |
| 58 | $17,303.61 | $ 306.45 | $ 60.42 | $ 246.03 | $17,057.58 |
| 59 | $17,057.58 | $ 306.45 | $ 59.56 | $ 246.89 | $16,810.69 |
| 60 | $16,810.69 | $ 306.45 | $ 58.70 | $ 247.75 | $16,562.94 |
| 61 | $16,562.94 | $ 306.45 | $ 57.83 | $ 248.62 | $16,314.32 |
| 62 | $16,314.32 | $ 306.45 | $ 56.96 | $ 249.49 | $16,064.83 |
| 63 | $16,064.83 | $ 306.45 | $ 56.09 | $ 250.36 | $15,814.47 |
| 64 | $15,814.47 | $ 306.45 | $ 55.22 | $ 251.23 | $15,563.24 |
| 65 | $15,563.24 | $ 306.45 | $ 54.34 | $ 252.11 | $15,311.13 |
| 66 | $15,311.13 | $ 306.45 | $ 53.46 | $ 252.99 | $15,058.14 |
| 67 | $15,058.14 | $ 306.45 | $ 52.58 | $ 253.87 | $14,804.27 |
| 68 | $14,804.27 | $ 306.45 | $ 51.69 | $ 254.76 | $14,549.51 |
| 69 | $14,549.51 | $ 306.45 | $ 50.80 | $ 255.65 | $14,293.86 |
| 70 | $14,293.86 | $ 306.45 | $ 49.91 | $ 256.54 | $14,037.32 |
| 71 | $14,037.32 | $ 306.45 | $ 49.01 | $ 257.44 | $13,779.88 |
| 72 | $13,779.88 | $ 306.45 | $ 48.11 | $ 258.34 | $13,521.54 |
| 73 | $13,521.54 | $ 306.45 | $ 47.21 | $ 259.24 | $13,262.30 |
| 74 | $13,262.30 | $ 306.45 | $ 46.31 | $ 260.14 | $13,002.16 |
| 75 | $13,002.16 | $ 306.45 | $ 45.40 | $ 261.05 | $12,741.11 |
| 76 | $12,741.11 | $ 306.45 | $ 44.49 | $ 261.96 | $12,479.15 |
| 77 | $12,479.15 | $ 306.45 | $ 43.57 | $ 262.88 | $12,216.27 |
| 78 | $12,216.27 | $ 306.45 | $ 42.66 | $ 263.79 | $11,952.48 |
| 79 | $11,952.48 | $ 306.45 | $ 41.73 | $ 264.72 | $11,687.76 |
| 80 | $11,687.76 | $ 306.45 | $ 40.81 | $ 265.64 | $11,422.12 |
| 81 | $11,422.12 | $ 306.45 | $ 39.88 | $ 266.57 | $11,155.55 |
| 82 | $11,155.55 | $ 306.45 | $ 38.95 | $ 267.50 | $10,888.05 |
| 83 | $10,888.05 | $ 306.45 | $ 38.02 | $ 268.43 | $10,619.62 |
| 84 | $10,619.62 | $ 306.45 | $ 37.08 | $ 269.37 | $10,350.25 |
| 85 | $10,350.25 | $ 306.45 | $ 36.14 | $ 270.31 | $10,079.94 |
| 86 | $10,079.94 | $ 306.45 | $ 35.20 | $ 271.25 | $ 9,808.69 |
| 87 | $ 9,808.69 | $ 306.45 | $ 34.25 | $ 272.20 | $ 9,536.49 |
| 88 | $ 9,536.49 | $ 306.45 | $ 33.30 | $ 273.15 | $ 9,263.34 |
| 89 | $ 9,263.34 | $ 306.45 | $ 32.34 | $ 274.11 | $ 8,989.23 |
| 90 | $ 8,989.23 | $ 306.45 | $ 31.39 | $ 275.06 | $ 8,714.17 |
| 91 | $ 8,714.17 | $ 306.45 | $ 30.43 | $ 276.02 | $ 8,438.15 |
| 92 | $ 8,438.15 | $ 306.45 | $ 29.46 | $ 276.99 | $ 8,161.16 |
| 93 | $ 8,161.16 | $ 306.45 | $ 28.50 | $ 277.95 | $ 7,883.21 |
| 94 | $ 7,883.21 | $ 306.45 | $ 27.53 | $ 278.92 | $ 7,604.29 |
| 95 | $ 7,604.29 | $ 306.45 | $ 26.55 | $ 279.90 | $ 7,324.39 |
| 96 | $ 7,324.39 | $ 306.45 | $ 25.57 | $ 280.88 | $ 7,043.51 |
| 97 | $ 7,043.51 | $ 306.45 | $ 24.59 | $ 281.86 | $ 6,761.65 |
| 98 | $ 6,761.65 | $ 306.45 | $ 23.61 | $ 282.84 | $ 6,478.81 |
| 99 | $ 6,478.81 | $ 306.45 | $ 22.62 | $ 283.83 | $ 6,194.98 |
| 100 | $ 6,194.98 | $ 306.45 | $ 21.63 | $ 284.82 | $ 5,910.16 |
| 101 | $ 5,910.16 | $ 306.45 | $ 20.64 | $ 285.81 | $ 5,624.35 |
| 102 | $ 5,624.35 | $ 306.45 | $ 19.64 | $ 286.81 | $ 5,337.54 |
| 103 | $ 5,337.54 | $ 306.45 | $ 18.64 | $ 287.81 | $ 5,049.73 |
| 104 | $ 5,049.73 | $ 306.45 | $ 17.63 | $ 288.82 | $ 4,760.91 |
| 105 | $ 4,760.91 | $ 306.45 | $ 16.62 | $ 289.83 | $ 4,471.08 |
| 106 | $ 4,471.08 | $ 306.45 | $ 15.61 | $ 290.84 | $ 4,180.24 |
| 107 | $ 4,180.24 | $ 306.45 | $ 14.60 | $ 291.85 | $ 3,888.39 |
| 108 | $ 3,888.39 | $ 306.45 | $ 13.58 | $ 292.87 | $ 3,595.52 |
| 109 | $ 3,595.52 | $ 306.45 | $ 12.55 | $ 293.90 | $ 3,301.62 |
| 110 | $ 3,301.62 | $ 306.45 | $ 11.53 | $ 294.92 | $ 3,006.70 |
| 111 | $ 3,006.70 | $ 306.45 | $ 10.50 | $ 295.95 | $ 2,710.75 |
| 112 | $ 2,710.75 | $ 306.45 | $ 9.47 | $ 296.98 | $ 2,413.77 |
| 113 | $ 2,413.77 | $ 306.45 | $ 8.43 | $ 298.02 | $ 2,115.75 |
| 114 | $ 2,115.75 | $ 306.45 | $ 7.39 | $ 299.06 | $ 1,816.69 |
| 115 | $ 1,816.69 | $ 306.45 | $ 6.34 | $ 300.11 | $ 1,516.58 |
| 116 | $ 1,516.58 | $ 306.45 | $ 5.30 | $ 301.15 | $ 1,215.43 |
| 117 | $ 1,215.43 | $ 306.45 | $ 4.24 | $ 302.21 | $ 913.22 |
| 118 | $ 913.22 | $ 306.45 | $ 3.19 | $ 303.26 | $ 609.96 |
| 119 | $ 609.96 | $ 306.45 | $ 2.13 | $ 304.32 | $ 305.64 |
| 120 | $ 305.64 | $ 306.71 | $ 1.07 | $ 305.64 | $ - |
Interest formula: =Amount owed*(Ineterest rate/12)=
30,000*(0.0419/12)=104.75 for first interest payment
Principal = Payment- Interest paid for each corresponding
payment.
Amount owed at end= amount owed at beginning-principal for each
corresponding payment.
| Months | Amount owed at beginning | Payment | Extra Payments | Interest | Principal | Balance |
| 1 | $30,000.00 | $ 306.45 | $ 100.00 | $ 104.75 | $ 301.70 | $29,698.30 |
| 2 | $29,698.30 | $ 306.45 | $ 100.00 | $ 103.70 | $ 302.75 | $29,395.55 |
| 3 | $29,395.55 | $ 306.45 | $ 100.00 | $ 102.64 | $ 303.81 | $29,091.74 |
| 4 | $29,091.74 | $ 306.45 | $ 100.00 | $ 101.58 | $ 304.87 | $28,786.87 |
| 5 | $28,786.87 | $ 306.45 | $ 100.00 | $ 100.51 | $ 305.94 | $28,480.93 |
| 6 | $28,480.93 | $ 306.45 | $ 100.00 | $ 99.45 | $ 307.00 | $28,173.93 |
| 7 | $28,173.93 | $ 306.45 | $ 100.00 | $ 98.37 | $ 308.08 | $27,865.85 |
| 8 | $27,865.85 | $ 306.45 | $ 100.00 | $ 97.30 | $ 309.15 | $27,556.70 |
| 9 | $27,556.70 | $ 306.45 | $ 100.00 | $ 96.22 | $ 310.23 | $27,246.47 |
| 10 | $27,246.47 | $ 306.45 | $ 100.00 | $ 95.14 | $ 311.31 | $26,935.16 |
| 11 | $26,935.16 | $ 306.45 | $ 100.00 | $ 94.05 | $ 312.40 | $26,622.76 |
| 12 | $26,622.76 | $ 306.45 | $ 100.00 | $ 92.96 | $ 313.49 | $26,309.27 |
| 13 | $26,309.27 | $ 306.45 | $ 100.00 | $ 91.86 | $ 314.59 | $25,994.68 |
| 14 | $25,994.68 | $ 306.45 | $ 100.00 | $ 90.76 | $ 315.69 | $25,678.99 |
| 15 | $25,678.99 | $ 306.45 | $ 100.00 | $ 89.66 | $ 316.79 | $25,362.20 |
| 16 | $25,362.20 | $ 306.45 | $ 100.00 | $ 88.56 | $ 317.89 | $25,044.31 |
| 17 | $25,044.31 | $ 306.45 | $ 100.00 | $ 87.45 | $ 319.00 | $24,725.31 |
| 18 | $24,725.31 | $ 306.45 | $ 100.00 | $ 86.33 | $ 320.12 | $24,405.19 |
| 19 | $24,405.19 | $ 306.45 | $ 100.00 | $ 85.21 | $ 321.24 | $24,083.95 |
| 20 | $24,083.95 | $ 306.45 | $ 100.00 | $ 84.09 | $ 322.36 | $23,761.59 |
| 21 | $23,761.59 | $ 306.45 | $ 100.00 | $ 82.97 | $ 323.48 | $23,438.11 |
| 22 | $23,438.11 | $ 306.45 | $ 100.00 | $ 81.84 | $ 324.61 | $23,113.50 |
| 23 | $23,113.50 | $ 306.45 | $ 100.00 | $ 80.70 | $ 325.75 | $22,787.75 |
| 24 | $22,787.75 | $ 306.45 | $ 100.00 | $ 79.57 | $ 326.88 | $22,460.87 |
| 25 | $22,460.87 | $ 306.45 | $ 100.00 | $ 78.43 | $ 328.02 | $22,132.85 |
| 26 | $22,132.85 | $ 306.45 | $ 100.00 | $ 77.28 | $ 329.17 | $21,803.68 |
| 27 | $21,803.68 | $ 306.45 | $ 100.00 | $ 76.13 | $ 330.32 | $21,473.36 |
| 28 | $21,473.36 | $ 306.45 | $ 100.00 | $ 74.98 | $ 331.47 | $21,141.89 |
| 29 | $21,141.89 | $ 306.45 | $ 100.00 | $ 73.82 | $ 332.63 | $20,809.26 |
| 30 | $20,809.26 | $ 306.45 | $ 100.00 | $ 72.66 | $ 333.79 | $20,475.47 |
| 31 | $20,475.47 | $ 306.45 | $ 100.00 | $ 71.49 | $ 334.96 | $20,140.51 |
| 32 | $20,140.51 | $ 306.45 | $ 100.00 | $ 70.32 | $ 336.13 | $19,804.38 |
| 33 | $19,804.38 | $ 306.45 | $ 100.00 | $ 69.15 | $ 337.30 | $19,467.08 |
| 34 | $19,467.08 | $ 306.45 | $ 100.00 | $ 67.97 | $ 338.48 | $19,128.60 |
| 35 | $19,128.60 | $ 306.45 | $ 100.00 | $ 66.79 | $ 339.66 | $18,788.94 |
| 36 | $18,788.94 | $ 306.45 | $ 100.00 | $ 65.60 | $ 340.85 | $18,448.09 |
| 37 | $18,448.09 | $ 306.45 | $ 100.00 | $ 64.41 | $ 342.04 | $18,106.05 |
| 38 | $18,106.05 | $ 306.45 | $ 100.00 | $ 63.22 | $ 343.23 | $17,762.82 |
| 39 | $17,762.82 | $ 306.45 | $ 100.00 | $ 62.02 | $ 344.43 | $17,418.39 |
| 40 | $17,418.39 | $ 306.45 | $ 100.00 | $ 60.82 | $ 345.63 | $17,072.76 |
| 41 | $17,072.76 | $ 306.45 | $ 100.00 | $ 59.61 | $ 346.84 | $16,725.92 |
| 42 | $16,725.92 | $ 306.45 | $ 100.00 | $ 58.40 | $ 348.05 | $16,377.87 |
| 43 | $16,377.87 | $ 306.45 | $ 100.00 | $ 57.19 | $ 349.26 | $16,028.61 |
| 44 | $16,028.61 | $ 306.45 | $ 100.00 | $ 55.97 | $ 350.48 | $15,678.13 |
| 45 | $15,678.13 | $ 306.45 | $ 100.00 | $ 54.74 | $ 351.71 | $15,326.42 |
| 46 | $15,326.42 | $ 306.45 | $ 100.00 | $ 53.51 | $ 352.94 | $14,973.48 |
| 47 | $14,973.48 | $ 306.45 | $ 100.00 | $ 52.28 | $ 354.17 | $14,619.31 |
| 48 | $14,619.31 | $ 306.45 | $ 100.00 | $ 51.05 | $ 355.40 | $14,263.91 |
| 49 | $14,263.91 | $ 306.45 | $ 100.00 | $ 49.80 | $ 356.65 | $13,907.26 |
| 50 | $13,907.26 | $ 306.45 | $ 100.00 | $ 48.56 | $ 357.89 | $13,549.37 |
| 51 | $13,549.37 | $ 306.45 | $ 100.00 | $ 47.31 | $ 359.14 | $13,190.23 |
| 52 | $13,190.23 | $ 306.45 | $ 100.00 | $ 46.06 | $ 360.39 | $12,829.84 |
| 53 | $12,829.84 | $ 306.45 | $ 100.00 | $ 44.80 | $ 361.65 | $12,468.19 |
| 54 | $12,468.19 | $ 306.45 | $ 100.00 | $ 43.53 | $ 362.92 | $12,105.27 |
| 55 | $12,105.27 | $ 306.45 | $ 100.00 | $ 42.27 | $ 364.18 | $11,741.09 |
| 56 | $11,741.09 | $ 306.45 | $ 100.00 | $ 41.00 | $ 365.45 | $11,375.64 |
| 57 | $11,375.64 | $ 306.45 | $ 100.00 | $ 39.72 | $ 366.73 | $11,008.91 |
| 58 | $11,008.91 | $ 306.45 | $ 100.00 | $ 38.44 | $ 368.01 | $10,640.90 |
| 59 | $10,640.90 | $ 306.45 | $ 100.00 | $ 37.15 | $ 369.30 | $10,271.60 |
| 60 | $10,271.60 | $ 306.45 | $ 100.00 | $ 35.87 | $ 370.58 | $ 9,901.02 |
| 61 | $ 9,901.02 | $ 306.45 | $ 100.00 | $ 34.57 | $ 371.88 | $ 9,529.14 |
| 62 | $ 9,529.14 | $ 306.45 | $ 100.00 | $ 33.27 | $ 373.18 | $ 9,155.96 |
| 63 | $ 9,155.96 | $ 306.45 | $ 100.00 | $ 31.97 | $ 374.48 | $ 8,781.48 |
| 64 | $ 8,781.48 | $ 306.45 | $ 100.00 | $ 30.66 | $ 375.79 | $ 8,405.69 |
| 65 | $ 8,405.69 | $ 306.45 | $ 100.00 | $ 29.35 | $ 377.10 | $ 8,028.59 |
| 66 | $ 8,028.59 | $ 306.45 | $ 100.00 | $ 28.03 | $ 378.42 | $ 7,650.17 |
| 67 | $ 7,650.17 | $ 306.45 | $ 100.00 | $ 26.71 | $ 379.74 | $ 7,270.43 |
| 68 | $ 7,270.43 | $ 306.45 | $ 100.00 | $ 25.39 | $ 381.06 | $ 6,889.37 |
| 69 | $ 6,889.37 | $ 306.45 | $ 100.00 | $ 24.06 | $ 382.39 | $ 6,506.98 |
| 70 | $ 6,506.98 | $ 306.45 | $ 100.00 | $ 22.72 | $ 383.73 | $ 6,123.25 |
| 71 | $ 6,123.25 | $ 306.45 | $ 100.00 | $ 21.38 | $ 385.07 | $ 5,738.18 |
| 72 | $ 5,738.18 | $ 306.45 | $ 100.00 | $ 20.04 | $ 386.41 | $ 5,351.77 |
| 73 | $ 5,351.77 | $ 306.45 | $ 100.00 | $ 18.69 | $ 387.76 | $ 4,964.01 |
| 74 | $ 4,964.01 | $ 306.45 | $ 100.00 | $ 17.33 | $ 389.12 | $ 4,574.89 |
| 75 | $ 4,574.89 | $ 306.45 | $ 100.00 | $ 15.97 | $ 390.48 | $ 4,184.41 |
| 76 | $ 4,184.41 | $ 306.45 | $ 100.00 | $ 14.61 | $ 391.84 | $ 3,792.57 |
| 77 | $ 3,792.57 | $ 306.45 | $ 100.00 | $ 13.24 | $ 393.21 | $ 3,399.36 |
| 78 | $ 3,399.36 | $ 306.45 | $ 100.00 | $ 11.87 | $ 394.58 | $ 3,004.78 |
| 79 | $ 3,004.78 | $ 306.45 | $ 100.00 | $ 10.49 | $ 395.96 | $ 2,608.82 |
| 80 | $ 2,608.82 | $ 306.45 | $ 100.00 | $ 9.11 | $ 397.34 | $ 2,211.48 |
| 81 | $ 2,211.48 | $ 306.45 | $ 100.00 | $ 7.72 | $ 398.73 | $ 1,812.75 |
| 82 | $ 1,812.75 | $ 306.45 | $ 100.00 | $ 6.33 | $ 400.12 | $ 1,412.63 |
| 83 | $ 1,412.63 | $ 306.45 | $ 100.00 | $ 4.93 | $ 401.52 | $ 1,011.11 |
| 84 | $ 1,011.11 | $ 306.45 | $ 100.00 | $ 3.53 | $ 402.92 | $ 608.19 |
| 85 | $ 608.19 | $ 306.45 | $ 100.00 | $ 2.12 | $ 404.33 | $ 203.86 |
| 86 | $ 203.86 | $ 204.57 | $ 0.71 | $ 203.86 | $ -0.00 |
For extra payment, $100 extra payment will go towards reducing balance as it will be added upto principal repayment
Hence loan will be paid of (120-86)=34 months sooner
jeff jeffy answered 3 years agoRelated Solutions
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