Create the amortization schedule for a loan of $4,400, paid monthly over two years using an...

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Create the amortization schedule for a loan of $4,400, paid monthly over two years using an...

Create the amortization schedule for a loan of $4,400, paid monthly over two years using an APR of 10 percent. Enter the data for the first three months. (

Month	Beginning Balance	Total Payment	Interest Paid	Principal Paid	Ending Balance
1
2
3

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Answer 1

Answer #1

PVOrdinary Annuity = C*[(1-(1+i/100)^(-n))/(i/100)]

C = Cash flow per period

i = interest rate

n = number of payments

4400= Cash Flow*((1-(1+ 10/1200)^(-2*12))/(10/1200))

Cash Flow = 203.04

	Monthly rate(M)=	yearly rate/12=	0.83%	Monthly payment=	203.04
Month	Beginning balance (A)	Monthly payment	Interest = M*A	Principal paid	Ending balance
1	4400.00	203.04	36.67	166.37	4233.63
2	4233.63	203.04	35.28	167.76	4065.87
3	4065.87	203.04	33.88	169.16	3896.72

Where

Interest paid = Beginning balance * Monthly interest rate

Principal = Monthly payment – interest paid

Ending balance = beginning balance – principal paid

Beginning balance = previous Month ending balance

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Answer 2

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