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 Sam
Site Admin
Joined: 21 May 2005
Posts: 280
Location: CALIFORNIA
116.97 Dollars($)
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 Posted: Tue Mar 30, 2004 6:02 am Post subject: Amortization Schedule |
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Amortization Schedule is a schedule prepared for the payment of a mortgage loan. It is a detailed timetable showing-
- The beginning principal amount.
- Period payments.
- Amount of each interest and principal payment.
- The remaining last balance.
For example, Shawn has taken a loan of $ 50,000 at an interest of 7.5% per annum for the period of 1 years and 3 months. So, his monthly installment comes to $ 3502.42.
| Payment No. | Date | Principal Paid | Interest Paid | Amount Balance | | 01. | 2005-08-01 | 3189.92 | 312.50 | 46497.58 | | 02. | 2005-09-01 |
3211.81 | 290.61 | 42995.15 | | 03. | 2005-10-01 | 3233.70 | 268.72 | 39492.72 | | 04. | 2005-11-01 | 3255.59 | 246.83 | 35990.31 | | 05. | 2005-12-01 | 3277.48 | 224.94 | 32487.89 | | 06. | 2006-01-01 | 3299.37 | 203.05 | 28985.46 | | 07. | 2006-02-01 | 3321.26 | 181.16 | 25483.04 | | 08. | 2006-03-01 | 3343.15 | 159.27 | 21980.62 | | 09. | 2006-04-01 | 3365.04 | 137.38 | 18478.20 | | 10. | 2006-05-01 |
3386.93 | 115.49 | 14975.77 | | 11. | 2006-06-01 | 3408.82 | 93.60 | 11473.35 | | 12. | 2006-07-01 | 3430.71 | 71.71 | 7970.93 | | 13. | 2006-08-01 | 3452.60 | 49.82 | 4468.51 | | 14. | 2006-09-01 | 3474.49 | 27.93 | 966.08 | | 15. | 2006-10-01 | 3496.38 | 6.04 | Paid |
Calculate it yourself |
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jeanne
Guest
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| Posted: Thu Aug 24, 2006 11:07 am Post subject: amortize interest |
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| How is annual interest calculated on a loan |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.65 Dollars($)
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| Posted: Thu Aug 24, 2006 11:14 am Post subject: |
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Hi,
Can you provide some more details, so that the answer can be more specific.
Thanks |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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| Posted: Fri Aug 25, 2006 2:00 am Post subject: |
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Hi Jeanne,
The annual interest on a loan is calculated compoundly.
To calculate the amount, always we are applying the formula
Where,
P = Principal
r = rate of interest
n = Number of times the interest is compounded per year.
t = loan term
Thanks |
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