Question

A debt must be settled in two years, through payments of 6000 dollars every two months overdue. The debtor agrees with his creditor to restructure the debt liquidating the debt in 3 years and a half with equal monthly payments due. Calculate the value of the new payments, if the The effective interest rate is 13% per annum.

Answer 1

Date	Beginning Balance	Payment	Interest	Principal	Cumulative Principal	Cumulative Interest	Ending Balance
6/1/2019	$150,000	$5,054	$1,625	$3,429	$3,429	$1,625	$146,571
7/1/2019	$146,571	$5,054	$1,588	$3,466	$6,895	$3,213	$143,105
8/1/2019	$143,105	$5,054	$1,550	$3,504	$10,399	$4,763	$139,601
9/1/2019	$139,601	$5,054	$1,512	$3,542	$13,941	$6,275	$136,059
10/1/2019	$136,059	$5,054	$1,474	$3,580	$17,521	$7,749	$132,479
11/1/2019	$132,479	$5,054	$1,435	$3,619	$21,140	$9,185	$128,860
12/1/2019	$128,860	$5,054	$1,396	$3,658	$24,798	$10,581	$125,202
1/1/2020	$125,202	$5,054	$1,356	$3,698	$28,496	$11,937	$121,504
2/1/2020	$121,504	$5,054	$1,316	$3,738	$32,234	$13,253	$117,766
3/1/2020	$117,766	$5,054	$1,276	$3,778	$36,012	$14,529	$113,988
4/1/2020	$113,988	$5,054	$1,235	$3,819	$39,831	$15,764	$110,169
5/1/2020	$110,169	$5,054	$1,193	$3,861	$43,692	$16,957	$106,308
6/1/2020	$106,308	$5,054	$1,152	$3,902	$47,594	$18,109	$102,406
7/1/2020	$102,406	$5,054	$1,109	$3,945	$51,539	$19,219	$98,461
8/1/2020	$98,461	$5,054	$1,067	$3,987	$55,526	$20,285	$94,474
9/1/2020	$94,474	$5,054	$1,023	$4,031	$59,557	$21,309	$90,443
10/1/2020	$90,443	$5,054	$980	$4,074	$63,631	$22,288	$86,369
11/1/2020	$86,369	$5,054	$936	$4,118	$67,750	$23,224	$82,250
12/1/2020	$82,250	$5,054	$891	$4,163	$71,913	$24,115	$78,087
1/1/2021	$78,087	$5,054	$846	$4,208	$76,121	$24,961	$73,879
2/1/2021	$73,879	$5,054	$800	$4,254	$80,374	$25,761	$69,626
3/1/2021	$69,626	$5,054	$754	$4,300	$84,674	$26,516	$65,326
4/1/2021	$65,326	$5,054	$708	$4,346	$89,021	$27,223	$60,979
5/1/2021	$60,979	$5,054	$661	$4,393	$93,414	$27,884	$56,586
6/1/2021	$56,586	$5,054	$613	$4,441	$97,855	$28,497	$52,145
7/1/2021	$52,145	$5,054	$565	$4,489	$102,344	$29,062	$47,656
8/1/2021	$47,656	$5,054	$516	$4,538	$106,882	$29,578	$43,118
9/1/2021	$43,118	$5,054	$467	$4,587	$111,469	$30,045	$38,531
10/1/2021	$38,531	$5,054	$417	$4,637	$116,106	$30,463	$33,894
11/1/2021	$33,894	$5,054	$367	$4,687	$120,793	$30,830	$29,207
12/1/2021	$29,207	$5,054	$316	$4,738	$125,531	$31,146	$24,469
1/1/2022	$24,469	$5,054	$265	$4,789	$130,320	$31,411	$19,680
2/1/2022	$19,680	$5,054	$213	$4,841	$135,160	$31,625	$14,840
3/1/2022	$14,840	$5,054	$161	$4,893	$140,054	$31,785	$9,946
4/1/2022	$9,946	$5,054	$108	$4,946	$145,000	$31,893	$5,000
5/1/2022	$5,000	$5,054	$54	$5,000	$150,000	$31,947	$0