EMI is calculated as [(P x R) (1+R)N] / [(1+R)N - 1] where P = Principal, R = Rate of interest p.a. divided by 12, N = No. of installments.
Here, P = $.23,000, R = 5%/12, N = 60. Therefore EMI = 434.0384
Below is the amortization schedule for 60 months
Interest = Opening Principal x 5% / 12
Principal = 434.0384 - Interest
Month | Opening Principal | Interest | Principal | Closing Principal |
1 | 23000.00 | 95.83 | 338.21 | 22661.79 |
2 | 22661.79 | 94.42 | 339.61 | 22322.18 |
3 | 22322.18 | 93.01 | 341.03 | 21981.15 |
4 | 21981.15 | 91.59 | 342.45 | 21638.70 |
5 | 21638.70 | 90.16 | 343.88 | 21294.82 |
6 | 21294.82 | 88.73 | 345.31 | 20949.51 |
7 | 20949.51 | 87.29 | 346.75 | 20602.77 |
8 | 20602.77 | 85.84 | 348.19 | 20254.57 |
9 | 20254.57 | 84.39 | 349.64 | 19904.93 |
10 | 19904.93 | 82.94 | 351.10 | 19553.83 |
11 | 19553.83 | 81.47 | 352.56 | 19201.26 |
12 | 19201.26 | 80.01 | 354.03 | 18847.23 |
13 | 18847.23 | 78.53 | 355.51 | 18491.72 |
14 | 18491.72 | 77.05 | 356.99 | 18134.73 |
15 | 18134.73 | 75.56 | 358.48 | 17776.25 |
16 | 17776.25 | 74.07 | 359.97 | 17416.28 |
17 | 17416.28 | 72.57 | 361.47 | 17054.81 |
18 | 17054.81 | 71.06 | 362.98 | 16691.84 |
19 | 16691.84 | 69.55 | 364.49 | 16327.35 |
20 | 16327.35 | 68.03 | 366.01 | 15961.34 |
21 | 15961.34 | 66.51 | 367.53 | 15593.81 |
22 | 15593.81 | 64.97 | 369.06 | 15224.74 |
23 | 15224.74 | 63.44 | 370.60 | 14854.14 |
24 | 14854.14 | 61.89 | 372.15 | 14481.99 |
25 | 14481.99 | 60.34 | 373.70 | 14108.30 |
26 | 14108.30 | 58.78 | 375.25 | 13733.04 |
27 | 13733.04 | 57.22 | 376.82 | 13356.23 |
28 | 13356.23 | 55.65 | 378.39 | 12977.84 |
29 | 12977.84 | 54.07 | 379.96 | 12597.87 |
30 | 12597.87 | 52.49 | 381.55 | 12216.33 |
31 | 12216.33 | 50.90 | 383.14 | 11833.19 |
32 | 11833.19 | 49.30 | 384.73 | 11448.46 |
33 | 11448.46 | 47.70 | 386.34 | 11062.12 |
34 | 11062.12 | 46.09 | 387.95 | 10674.17 |
35 | 10674.17 | 44.48 | 389.56 | 10284.61 |
36 | 10284.61 | 42.85 | 391.19 | 9893.43 |
37 | 9893.43 | 41.22 | 392.82 | 9500.61 |
38 | 9500.61 | 39.59 | 394.45 | 9106.16 |
39 | 9106.16 | 37.94 | 396.10 | 8710.06 |
40 | 8710.06 | 36.29 | 397.75 | 8312.31 |
41 | 8312.31 | 34.63 | 399.40 | 7912.91 |
42 | 7912.91 | 32.97 | 401.07 | 7511.84 |
43 | 7511.84 | 31.30 | 402.74 | 7109.10 |
44 | 7109.10 | 29.62 | 404.42 | 6704.69 |
45 | 6704.69 | 27.94 | 406.10 | 6298.58 |
46 | 6298.58 | 26.24 | 407.79 | 5890.79 |
47 | 5890.79 | 24.54 | 409.49 | 5481.30 |
48 | 5481.30 | 22.84 | 411.20 | 5070.10 |
49 | 5070.10 | 21.13 | 412.91 | 4657.18 |
50 | 4657.18 | 19.40 | 414.63 | 4242.55 |
51 | 4242.55 | 17.68 | 416.36 | 3826.19 |
52 | 3826.19 | 15.94 | 418.10 | 3408.09 |
53 | 3408.09 | 14.20 | 419.84 | 2988.26 |
54 | 2988.26 | 12.45 | 421.59 | 2566.67 |
55 | 2566.67 | 10.69 | 423.34 | 2143.32 |
56 | 2143.32 | 8.93 | 425.11 | 1718.22 |
57 | 1718.22 | 7.16 | 426.88 | 1291.34 |
58 | 1291.34 | 5.38 | 428.66 | 862.68 |
59 | 862.68 | 3.59 | 430.44 | 432.24 |
60 | 432.24 | 1.80 | 432.24 | 0.00 |
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