Homework Answers
Option D
Loan Principal=1312604.856
Number of months=12*30=360
Annual rate compounded monthly=((1+8%)^(1/12)-1)*12=7.721%
Monthly payment=9377.22
Loan Amortization Schedule
| Payment | Loan beginning balance | Payment | Interest payment | Principal payment | Loan ending balance |
| 1 | 1312604.856 | $9,377.22 | $8,445.34 | $931.88 | $13,11,672.97 |
| 2 | $13,11,672.97 | $9,377.22 | $8,439.34 | $937.88 | $13,10,735.09 |
| 3 | $13,10,735.09 | $9,377.22 | $8,433.31 | $943.91 | $13,09,791.18 |
| 4 | $13,09,791.18 | $9,377.22 | $8,427.24 | $949.99 | $13,08,841.19 |
| 5 | $13,08,841.19 | $9,377.22 | $8,421.12 | $956.10 | $13,07,885.09 |
| 6 | $13,07,885.09 | $9,377.22 | $8,414.97 | $962.25 | $13,06,922.84 |
| 7 | $13,06,922.84 | $9,377.22 | $8,408.78 | $968.44 | $13,05,954.40 |
| 8 | $13,05,954.40 | $9,377.22 | $8,402.55 | $974.67 | $13,04,979.73 |
| 9 | $13,04,979.73 | $9,377.22 | $8,396.28 | $980.94 | $13,03,998.79 |
| 10 | $13,03,998.79 | $9,377.22 | $8,389.97 | $987.26 | $13,03,011.53 |
| 11 | $13,03,011.53 | $9,377.22 | $8,383.62 | $993.61 | $13,02,017.92 |
| 12 | $13,02,017.92 | $9,377.22 | $8,377.22 | $1,000.00 | $13,01,017.92 |
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