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Finance- Amortization Schedule Create the amortization schedule for a loan of $5,000, paid monthly over two...
Finance-
Amortization Schedule Create the amortization schedule for a loan of $5,000, paid monthly over two years using an 8 percent APR.
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| Particulars | Amount |
| Loan Amount | $ 5,000.00 |
| Int Rate per month | 0.6667% |
| No. of Months | 60 |
| EMI = Loan Amount / PVAF (r%, n) | |
| Where r is Int rate per month & n is no. of months | |
| = $ 5000 / PVAF (0.0067 , 60) | |
| = $ 5000 / 49.318 | |
| = $ 101.38 |
| Period | Opening Bal | EMI | Int | Principal Repay | Closing Outstanding |
| 1 | $ 5,000.00 | $ 101.38 | $ 33.33 | $ 68.05 | $ 4,931.95 |
| 2 | $ 4,931.95 | $ 101.38 | $ 32.88 | $ 68.50 | $ 4,863.45 |
| 3 | $ 4,863.45 | $ 101.38 | $ 32.42 | $ 68.96 | $ 4,794.49 |
| 4 | $ 4,794.49 | $ 101.38 | $ 31.96 | $ 69.42 | $ 4,725.07 |
| 5 | $ 4,725.07 | $ 101.38 | $ 31.50 | $ 69.88 | $ 4,655.19 |
| 6 | $ 4,655.19 | $ 101.38 | $ 31.03 | $ 70.35 | $ 4,584.84 |
| 7 | $ 4,584.84 | $ 101.38 | $ 30.57 | $ 70.82 | $ 4,514.02 |
| 8 | $ 4,514.02 | $ 101.38 | $ 30.09 | $ 71.29 | $ 4,442.73 |
| 9 | $ 4,442.73 | $ 101.38 | $ 29.62 | $ 71.76 | $ 4,370.97 |
| 10 | $ 4,370.97 | $ 101.38 | $ 29.14 | $ 72.24 | $ 4,298.72 |
| 11 | $ 4,298.72 | $ 101.38 | $ 28.66 | $ 72.72 | $ 4,226.00 |
| 12 | $ 4,226.00 | $ 101.38 | $ 28.17 | $ 73.21 | $ 4,152.79 |
| 13 | $ 4,152.79 | $ 101.38 | $ 27.69 | $ 73.70 | $ 4,079.09 |
| 14 | $ 4,079.09 | $ 101.38 | $ 27.19 | $ 74.19 | $ 4,004.90 |
| 15 | $ 4,004.90 | $ 101.38 | $ 26.70 | $ 74.68 | $ 3,930.22 |
| 16 | $ 3,930.22 | $ 101.38 | $ 26.20 | $ 75.18 | $ 3,855.04 |
| 17 | $ 3,855.04 | $ 101.38 | $ 25.70 | $ 75.68 | $ 3,779.35 |
| 18 | $ 3,779.35 | $ 101.38 | $ 25.20 | $ 76.19 | $ 3,703.17 |
| 19 | $ 3,703.17 | $ 101.38 | $ 24.69 | $ 76.70 | $ 3,626.47 |
| 20 | $ 3,626.47 | $ 101.38 | $ 24.18 | $ 77.21 | $ 3,549.26 |
| 21 | $ 3,549.26 | $ 101.38 | $ 23.66 | $ 77.72 | $ 3,471.54 |
| 22 | $ 3,471.54 | $ 101.38 | $ 23.14 | $ 78.24 | $ 3,393.30 |
| 23 | $ 3,393.30 | $ 101.38 | $ 22.62 | $ 78.76 | $ 3,314.54 |
| 24 | $ 3,314.54 | $ 101.38 | $ 22.10 | $ 79.29 | $ 3,235.26 |
| 25 | $ 3,235.26 | $ 101.38 | $ 21.57 | $ 79.81 | $ 3,155.44 |
| 26 | $ 3,155.44 | $ 101.38 | $ 21.04 | $ 80.35 | $ 3,075.10 |
| 27 | $ 3,075.10 | $ 101.38 | $ 20.50 | $ 80.88 | $ 2,994.21 |
| 28 | $ 2,994.21 | $ 101.38 | $ 19.96 | $ 81.42 | $ 2,912.79 |
| 29 | $ 2,912.79 | $ 101.38 | $ 19.42 | $ 81.96 | $ 2,830.83 |
| 30 | $ 2,830.83 | $ 101.38 | $ 18.87 | $ 82.51 | $ 2,748.32 |
Amortization schedule from month 31 to 60 are attached as images, as the lenghty is not being accepted here
Pls do rate, if the answer is
correct and comment, if any further assistance is required.
jeff jeffy answered 1 year agoRelated Solutions
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