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Amortization Schedule

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Icon Mini Profile Sam
Sam
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Joined: 21 May 2005

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Location: CALIFORNIA
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Post 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. DatePrincipal Paid Interest Paid Amount Balance
01.2005-08-013189.92 312.5046497.58
02.2005-09-01 3211.81290.6142995.15
03.2005-10-013233.70268.72 39492.72
04.2005-11-013255.59246.8335990.31
05.2005-12-013277.48224.9432487.89
06.2006-01-01 3299.37203.0528985.46
07.2006-02-013321.26181.16 25483.04
08.2006-03-013343.15159.2721980.62
09.2006-04-013365.04137.3818478.20
10.2006-05-01 3386.93115.4914975.77
11. 2006-06-013408.8293.6011473.35
12.2006-07-01 3430.7171.717970.93
13.2006-08-013452.6049.82 4468.51
14.2006-09-013474.4927.93966.08
15.2006-10-013496.386.04Paid


Calculate it yourself
Icon Mini Profile sara
sara
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Joined: 05 Jul 2006

Posts: 2645
Location: New Brunswick, New Jersey
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Post Posted: Fri Aug 25, 2006 12:00 am    Post subject: RE:
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Hi Jeanne,

The annual interest rate is calculated by considering the factors given in http://www.mortgagefit.com/rate-calculated.html .

Thanks,

Sara.

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Icon Mini Profile helping_user
helping_user




Joined: 31 Mar 2006

Posts: 806
Location: Hawaii
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Post 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
Quote:
A=P(1+r/n)^nt

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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