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.

Expert Solution

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 ago

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