Create a monthly loan amortization schedule for the following loan: The amount to borrow is: 15,000.00...
| Create a monthly loan amortization schedule for the following loan: | ||||
| The amount to borrow is: | 15,000.00 | |||
| Term of the loan: | 3 years | |||
| Annual interest rate: | 6% | |||
| Loan payments are made monthly. | ||||
Homework Answers
Ans $ 456.33
| P = | Regular Payments |
| PV = | Loan Amount |
| r = | rate of interest |
| n = | no of periods |
| P = | r (PV) |
| 1 - (1 + r )-n | |
| P = | (6%/12)*15000 |
| 1 - (1 / (1 + 6%/12)^36)) | |
| P = | 75 |
| 0.164355081 | |
| P = | 456.33 |
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Create a monthly loan amortization schedule for the following
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