Answer—Amount of interest on 16th Installment will be $ 7,977
Loan amount |
$ 1,29,508.00 |
PV Factor |
11.257783 |
Annual instalment amount |
$ 11,503.86 |
Loan Statement |
||||
Year |
Loan amount balance |
Interest |
Installment |
Ending balance |
1 |
$ 1,29,508.00 |
$ 10,360.64 |
$ (11,503.86) |
$ 1,28,364.78 |
2 |
$ 1,28,364.78 |
$ 10,269.18 |
$ (11,503.86) |
$ 1,27,130.10 |
3 |
$ 1,27,130.10 |
$ 10,170.41 |
$ (11,503.86) |
$ 1,25,796.64 |
4 |
$ 1,25,796.64 |
$ 10,063.73 |
$ (11,503.86) |
$ 1,24,356.51 |
5 |
$ 1,24,356.51 |
$ 9,948.52 |
$ (11,503.86) |
$ 1,22,801.17 |
6 |
$ 1,22,801.17 |
$ 9,824.09 |
$ (11,503.86) |
$ 1,21,121.40 |
7 |
$ 1,21,121.40 |
$ 9,689.71 |
$ (11,503.86) |
$ 1,19,307.24 |
8 |
$ 1,19,307.24 |
$ 9,544.58 |
$ (11,503.86) |
$ 1,17,347.96 |
9 |
$ 1,17,347.96 |
$ 9,387.84 |
$ (11,503.86) |
$ 1,15,231.93 |
10 |
$ 1,15,231.93 |
$ 9,218.55 |
$ (11,503.86) |
$ 1,12,946.63 |
11 |
$ 1,12,946.63 |
$ 9,035.73 |
$ (11,503.86) |
$ 1,10,478.49 |
12 |
$ 1,10,478.49 |
$ 8,838.28 |
$ (11,503.86) |
$ 1,07,812.91 |
13 |
$ 1,07,812.91 |
$ 8,625.03 |
$ (11,503.86) |
$ 1,04,934.08 |
14 |
$ 1,04,934.08 |
$ 8,394.73 |
$ (11,503.86) |
$ 1,01,824.94 |
15 |
$ 1,01,824.94 |
$ 8,146.00 |
$ (11,503.86) |
$ 98,467.07 |
16 |
$ 98,467.07 |
$ 7,877.37 |
$ (11,503.86) |
$ 94,840.57 |
17 |
$ 94,840.57 |
$ 7,587.25 |
$ (11,503.86) |
$ 90,923.96 |
18 |
$ 90,923.96 |
$ 7,273.92 |
$ (11,503.86) |
$ 86,694.01 |
19 |
$ 86,694.01 |
$ 6,935.52 |
$ (11,503.86) |
$ 82,125.67 |
20 |
$ 82,125.67 |
$ 6,570.05 |
$ (11,503.86) |
$ 77,191.86 |
21 |
$ 77,191.86 |
$ 6,175.35 |
$ (11,503.86) |
$ 71,863.34 |
22 |
$ 71,863.34 |
$ 5,749.07 |
$ (11,503.86) |
$ 66,108.55 |
23 |
$ 66,108.55 |
$ 5,288.68 |
$ (11,503.86) |
$ 59,893.37 |
24 |
$ 59,893.37 |
$ 4,791.47 |
$ (11,503.86) |
$ 53,180.98 |
25 |
$ 53,180.98 |
$ 4,254.48 |
$ (11,503.86) |
$ 45,931.59 |
26 |
$ 45,931.59 |
$ 3,674.53 |
$ (11,503.86) |
$ 38,102.25 |
27 |
$ 38,102.25 |
$ 3,048.18 |
$ (11,503.86) |
$ 29,646.57 |
28 |
$ 29,646.57 |
$ 2,371.73 |
$ (11,503.86) |
$ 20,514.43 |
29 |
$ 20,514.43 |
$ 1,641.15 |
$ (11,503.86) |
$ 10,651.73 |
30 |
$ 10,651.73 |
$ 852.14 |
$ (11,503.86) |
$ - |
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