1. Construct a loan amortization schedule for a 30-year, 8.65% loan of $15,000,000. The loan requires...

1. Construct a loan amortization schedule for a 30-year, 8.65% loan of $15,000,000. The loan requires equal, end-of-year payments, and interest is compounded daily (use 360-day year). What is the total amount of interest paid over the life of the loan?

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	loan amount		15000000	pv
	rate		8.65%
	life		30	nper

	effective yearly rate=		0.0903
			9.03%	rate

	monthly instalment		1463930.97	use financial formula "PMT"

	total amount paid on loan = 1463930.97 x 30 = 43917929.1
	so amount of interest paid on loan = 43917929.1-15000000=28917929.1

	amortization schedule
	A	B	C	A*9.03%
	loan	instalment	principle	interest	OUTSTANDING LOAN
1	15000000.00	1463930.97	109430.97	1354500.00	14890569.03
2	14890569.03	1463930.97	119312.58	1344618.38	14771256.45
3	14771256.45	1463930.97	130086.51	1333844.46	14641169.94
4	14641169.94	1463930.97	141833.32	1322097.65	14499336.61
5	14499336.61	1463931.97	154641.87	1309290.10	14344694.74
6	14344694.74	1463932.97	168607.03	1295325.94	14176087.70
7	14176087.70	1463933.97	183833.25	1280100.72	13992254.45
8	13992254.45	1463934.97	200434.39	1263500.58	13791820.06
9	13791820.06	1463935.97	218534.62	1245401.35	13573285.44
10	13573285.44	1463936.97	238269.29	1225667.68	13335016.15
11	13335016.15	1463937.97	259786.01	1204151.96	13075230.14
12	13075230.14	1463938.97	283245.69	1180693.28	12791984.45
13	12791984.45	1463939.97	308823.77	1155116.20	12483160.67
14	12483160.67	1463940.97	336711.56	1127229.41	12146449.11
15	12146449.11	1463941.97	367117.62	1096824.35	11779331.50
16	11779331.50	1463942.97	400269.34	1063673.63	11379062.16
17	11379062.16	1463943.97	436414.66	1027529.31	10942647.51
18	10942647.51	1463944.97	475823.90	988121.07	10466823.61
19	10466823.61	1463945.97	518791.80	945154.17	9948031.81
20	9948031.81	1463946.97	565639.70	898307.27	9382392.11
21	9382392.11	1463947.97	616717.96	847230.01	8765674.15
22	8765674.15	1463948.97	672408.59	791540.38	8093265.55
23	8093265.55	1463949.97	733128.09	730821.88	7360137.46
24	7360137.46	1463950.97	799330.56	664620.41	6560806.90
25	6560806.90	1463951.97	871511.11	592440.86	5689295.80
26	5689295.80	1463952.97	950209.56	513743.41	4739086.24
27	4739086.24	1463953.97	1036014.48	427939.49	3703071.76
28	3703071.76	1463954.97	1129567.59	334387.38	2573504.17
29	2573504.17	1463955.97	1231568.54	232387.43	1341935.62
30	1341935.62	1463956.97	1342780.18	121176.79	-844.56

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