In: Finance
You just took a $90,000, 10 years loan. The annual percentage rate (APR) is 8%. You are obligated to pay a flat payment at the end of each QUARTER. (a) Make a loan amortization table; (b) Plot a figure to show the flat payment, payment to interest, and payment in each quarter. SHOW IN EXCEL PLEASE
Amortization Schedule | ||||
$90,000.00 at 8% interest | ||||
with 40 quarterly payments | ||||
at Constant Principal Payments of $2250 | ||||
Total Payments: $126,900.00 Total Interest: $36,900.00 | ||||
PERIOD | PAYMENT | PRINCIPAL | INTEREST | BALANCE OWED |
1 | 4050 | 2250 | 1800 | 87750 |
2 | 4005 | 2250 | 1755 | 85500 |
3 | 3960 | 2250 | 1710 | 83250 |
4 | 3915 | 2250 | 1665 | 81000 |
5 | 3870 | 2250 | 1620 | 78750 |
6 | 3825 | 2250 | 1575 | 76500 |
7 | 3780 | 2250 | 1530 | 74250 |
8 | 3735 | 2250 | 1485 | 72000 |
9 | 3690 | 2250 | 1440 | 69750 |
10 | 3645 | 2250 | 1395 | 67500 |
11 | 3600 | 2250 | 1350 | 65250 |
12 | 3555 | 2250 | 1305 | 63000 |
13 | 3510 | 2250 | 1260 | 60750 |
14 | 3465 | 2250 | 1215 | 58500 |
15 | 3420 | 2250 | 1170 | 56250 |
16 | 3375 | 2250 | 1125 | 54000 |
17 | 3330 | 2250 | 1080 | 51750 |
18 | 3285 | 2250 | 1035 | 49500 |
19 | 3240 | 2250 | 990 | 47250 |
20 | 3195 | 2250 | 945 | 45000 |
21 | 3150 | 2250 | 900 | 42750 |
22 | 3105 | 2250 | 855 | 40500 |
23 | 3060 | 2250 | 810 | 38250 |
24 | 3015 | 2250 | 765 | 36000 |
25 | 2970 | 2250 | 720 | 33750 |
26 | 2925 | 2250 | 675 | 31500 |
27 | 2880 | 2250 | 630 | 29250 |
28 | 2835 | 2250 | 585 | 27000 |
29 | 2790 | 2250 | 540 | 24750 |
30 | 2745 | 2250 | 495 | 22500 |
31 | 2700 | 2250 | 450 | 20250 |
32 | 2655 | 2250 | 405 | 18000 |
33 | 2610 | 2250 | 360 | 15750 |
34 | 2565 | 2250 | 315 | 13500 |
35 | 2520 | 2250 | 270 | 11250 |
36 | 2475 | 2250 | 225 | 9000 |
37 | 2430 | 2250 | 180 | 6750 |
38 | 2385 | 2250 | 135 | 4500 |
39 | 2340 | 2250 | 90 | 2250 |
40 | 2295 | 2250 | 45 | 0 |
Therefore the flat payment at the end of each quarter would be 2250 with the all details shown in the table given above.
TERHE