Question

Problem 5-49 Amortization Schedule (LG9)

Create the amortization schedule for a loan of $14,000, paid monthly over three years using a 9 percent APR. (Round your answers to 2 decimal places.)

  

Month	Beginning Balance	Total Payment	Interest Paid	Principal Paid	Ending Balance
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
39
30
31
32
33
34
35
36

Answer 1

		Prinicipal amount of the loan		14,000	Enter borrowed amount, NOT drawndown amount
		Interest rate per annum		9.00%	Enter interest rate per annum
		Periods per annum		12	Enter the frequency of payment (e.g 12 for monthly, 4 for quarterly)
		Interest rate per period		0.75%	Formula linked, no entry required
		No. of years of the loan		3	Enter the agreed upon tenor of loan (in years)
		No. of instalments		36	Formula linked, no entry required
	Month	Beginning balance	Total Payment	Interest paid	Principal paid	Ending balance
	1	$14,000.00	$445.20	$105.00	$340.20	$13,659.80
	2	$13,659.80	$445.20	$102.45	$342.75	$13,317.06
	3	$13,317.06	$445.20	$99.88	$345.32	$12,971.74
	4	$12,971.74	$445.20	$97.29	$347.91	$12,623.83
	5	$12,623.83	$445.20	$94.68	$350.52	$12,273.31
	6	$12,273.31	$445.20	$92.05	$353.15	$11,920.17
	7	$11,920.17	$445.20	$89.40	$355.80	$11,564.37
	8	$11,564.37	$445.20	$86.73	$358.46	$11,205.91
	9	$11,205.91	$445.20	$84.04	$361.15	$10,844.76
	10	$10,844.76	$445.20	$81.34	$363.86	$10,480.89
	11	$10,480.89	$445.20	$78.61	$366.59	$10,114.30
	12	$10,114.30	$445.20	$75.86	$369.34	$9,744.97
	13	$9,744.97	$445.20	$73.09	$372.11	$9,372.86
	14	$9,372.86	$445.20	$70.30	$374.90	$8,997.96
	15	$8,997.96	$445.20	$67.48	$377.71	$8,620.25
	16	$8,620.25	$445.20	$64.65	$380.54	$8,239.70
	17	$8,239.70	$445.20	$61.80	$383.40	$7,856.30
	18	$7,856.30	$445.20	$58.92	$386.27	$7,470.03
	19	$7,470.03	$445.20	$56.03	$389.17	$7,080.86
	20	$7,080.86	$445.20	$53.11	$392.09	$6,688.77
	21	$6,688.77	$445.20	$50.17	$395.03	$6,293.74
	22	$6,293.74	$445.20	$47.20	$397.99	$5,895.74
	23	$5,895.74	$445.20	$44.22	$400.98	$5,494.77
	24	$5,494.77	$445.20	$41.21	$403.99	$5,090.78
	25	$5,090.78	$445.20	$38.18	$407.02	$4,683.76
	26	$4,683.76	$445.20	$35.13	$410.07	$4,273.70
	27	$4,273.70	$445.20	$32.05	$413.14	$3,860.55
	28	$3,860.55	$445.20	$28.95	$416.24	$3,444.31
	29	$3,444.31	$445.20	$25.83	$419.36	$3,024.95
	30	$3,024.95	$445.20	$22.69	$422.51	$2,602.44
	31	$2,602.44	$445.20	$19.52	$425.68	$2,176.76
	32	$2,176.76	$445.20	$16.33	$428.87	$1,747.89
	33	$1,747.89	$445.20	$13.11	$432.09	$1,315.80
	34	$1,315.80	$445.20	$9.87	$435.33	$880.47
	35	$880.47	$445.20	$6.60	$438.59	$441.88
	36	$441.88	$445.20	$3.31	$441.88	-$0.00
	The formula to calculate the 1st month total payment = =-PMT($E$5,$E$7,$E$2)
	The formula to calculate the 1st month interest paid = =C11*$E$5