Hot Student Stories
top-5-grammar-and-spelling-checkers-to-rock-in-2019

What shows how a loan is paid by listing the principal and interest associated with each payment?

Carlton Burgess

in Student Loans

follow
followin
1 answer
1 view

1 answer


Kathy Robinson on March 4, 2018

An amortization table provides the capital and the interest associated with each payment. For example, a loan of $1,162 at 6% for 12 months yields the following amortization table:
Period BegBal Main Interest EndBal
1 $1,162.00 $94.20 $5.81 $1,067.80
2 $1,067.80 $94.67 $5.34 $973.13
3 $973.13 $95.14 $4.87 $877.99
4 $877.99 $95.62 $4.39 $782.37
5 $782.37 $96.10 $3.91 $686.27
6 $686.27 $96.58 $3.43 $589.69
7 $589.69 $97.06 $2.95 $492.63
8 $492.63 $97.55 $2.46 $395.09
9 $395.09 $98.03 $1.98 $297.05
10 $297.05 $98.52 $1.49 $198.53
11 $198.53 $99.02 $0.99 $99.51
12 $99.51 $99.51 $0.50 $0.00


Add you answer