Problem 3 Payment Schedule for a Loan
Loan Amount
$20,000.00
Annual Interest Rate (APR)
6.50%
Term (In years)
3
Periods in a year
12
Monthly Payment
$612.98
Schedule
Interest
Prinicple
Start
$20,000.00
End of Period 1
$108.33
$504.65
$19,495.35
End of Period 2
$105.60
$507.38
$18,987.97
End of Period 3
$102.85
$510.13
$18,477.84
End of Period 4
$100.09
$512.89
$17,964.95
End of Period 5
$97.31
$515.67
$17,449.28
End of Period 6
$94.52
$518.46
$16,930.82
End of Period 7
$91.71
$521.27
$16,409.55
End of Period 8
$88.89
$524.10
$15,885.45
End of Period 9
$86.05
$526.93
$15,358.52
End of Period 10
$83.19
$529.79
$14,828.73
End of Period 11
$80.32
$532.66
$14,296.07
End of Period 12
$77.44
$535.54
$13,760.53
End of Period 13
$74.54
$538.44
$13,222.09
End of Period 14
$71.62
$541.36
$12,680.73
End of Period 15
$68.69
$544.29
$12,136.43
End of Period 16
$65.74
$547.24
$11,589.19
End of Period 17
$62.77
$550.21
$11,038.99
End of Period 18
$59.79
$553.19
$10,485.80
End of Period 19
$56.80
$556.18
$9,929.62
End of Period 20
$53.79
$559.19
$9,370.43
End of Period 21
$50.76
$562.22
$8,808.20
End of Period 22
$47.71
$565.27
$8,242.93
End of Period 23
$44.65
$568.33
$7,674.60
End of Period 24
$41.57
$571.41
$7,103.19
End of Period 25
$38.48
$574.50
$6,528.69
End of Period 26
$35.36
$577.62
$5,951.07
End of Period 27
$32.23
$580.75
$5,370.33
End of Period 28
$29.09
$583.89
$4,786.44
End of Period 29
$25.93
$587.05
$4,199.38
End of Period 30
$22.75
$590.23
$3,609.15
End of Period 31
$19.55
$593.43
$3,015.72
End of Period 32
$16.34
$596.64
$2,419.07
End of Period 33
$13.10
$599.88
$1,819.20
End of Period 34
$9.85
$603.13
$1,216.07
End of Period 35
$6.59
$606.39
$609.68
End of Period 36
$3.30
$609.68
$(0.00)
Total Interest
$2,067.28
Remaining
Principle
3.
Calculate the mo
create a payment sc
the following terms.
total interest paid o
Loan amount:
Annual interest rate
Periods in a year:
Term: