First of all we will calculate the monthly payments
N = Total Month = 30*12 = 360
I/Y = Monthly Interest Rate = 4/12 = 0.33 %
PV = -600000
CPT PMT = 2864.477
Or ie can be calculated as under
EMI = 600000 / PVAF 360 , 0.33
EMI = 600000 / 209.4622522 = 2864.477
NOw we will calculate outstanding after 4 years
Month | Opeing Balance | Interest @ 0.33% | EMI | Cl Bal |
1 | 600000 | 1980 | 2864.5 | 599115.52 |
2 | 599,116 | 1,977 | 2,864 | 598,228 |
3 | 598,228 | 1,974 | 2,864 | 597,338 |
4 | 597,338 | 1,971 | 2,864 | 596,445 |
5 | 596,445 | 1,968 | 2,864 | 595,548 |
6 | 595,548 | 1,965 | 2,864 | 594,649 |
7 | 594,649 | 1,962 | 2,864 | 593,747 |
8 | 593,747 | 1,959 | 2,864 | 592,842 |
9 | 592,842 | 1,956 | 2,864 | 591,934 |
10 | 591,934 | 1,953 | 2,864 | 591,023 |
11 | 591,023 | 1,950 | 2,864 | 590,109 |
12 | 590,109 | 1,947 | 2,864 | 589,191 |
13 | 589,191 | 1,944 | 2,864 | 588,271 |
14 | 588,271 | 1,941 | 2,864 | 587,348 |
15 | 587,348 | 1,938 | 2,864 | 586,422 |
16 | 586,422 | 1,935 | 2,864 | 585,493 |
17 | 585,493 | 1,932 | 2,864 | 584,560 |
18 | 584,560 | 1,929 | 2,864 | 583,625 |
19 | 583,625 | 1,926 | 2,864 | 582,686 |
20 | 582,686 | 1,923 | 2,864 | 581,745 |
21 | 581,745 | 1,920 | 2,864 | 580,800 |
22 | 580,800 | 1,917 | 2,864 | 579,852 |
23 | 579,852 | 1,914 | 2,864 | 578,901 |
24 | 578,901 | 1,910 | 2,864 | 577,947 |
25 | 577,947 | 1,907 | 2,864 | 576,990 |
26 | 576,990 | 1,904 | 2,864 | 576,029 |
27 | 576,029 | 1,901 | 2,864 | 575,066 |
28 | 575,066 | 1,898 | 2,864 | 574,099 |
29 | 574,099 | 1,895 | 2,864 | 573,129 |
30 | 573,129 | 1,891 | 2,864 | 572,156 |
31 | 572,156 | 1,888 | 2,864 | 571,180 |
32 | 571,180 | 1,885 | 2,864 | 570,200 |
33 | 570,200 | 1,882 | 2,864 | 569,217 |
34 | 569,217 | 1,878 | 2,864 | 568,231 |
35 | 568,231 | 1,875 | 2,864 | 567,242 |
36 | 567,242 | 1,872 | 2,864 | 566,249 |
37 | 566,249 | 1,869 | 2,864 | 565,253 |
38 | 565,253 | 1,865 | 2,864 | 564,254 |
39 | 564,254 | 1,862 | 2,864 | 563,252 |
40 | 563,252 | 1,859 | 2,864 | 562,246 |
41 | 562,246 | 1,855 | 2,864 | 561,237 |
42 | 561,237 | 1,852 | 2,864 | 560,225 |
43 | 560,225 | 1,849 | 2,864 | 559,209 |
44 | 559,209 | 1,845 | 2,864 | 558,190 |
45 | 558,190 | 1,842 | 2,864 | 557,167 |
46 | 557,167 | 1,839 | 2,864 | 556,142 |
47 | 556,142 | 1,835 | 2,864 | 555,112 |
48 | 555,112 | 1,832 | 2,864 | 554,080 |
Closing Balance of loan after 4 years = 554,080
Claculation of New monthly payments=
PV = -554080
I/Y = 3.8/12 = 0.3166
N = 26*12 = 312
CPT PMT = 2760.96
or
EMI = 554080 / PVAF 312 , 0.3166%
EMI = 554080 / 198.030 = 2760.96
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