"A $1,000,000 loan, at 5%, monthly payments has a monthly payment of $6,000.00. How much interest...
"A $1,000,000 loan, at 5%, monthly payments has a monthly payment of $6,000.00. How much interest is paid for with the third monthly payment?
Homework Answers
A brief amortization table:
Interest paid in third period or third month = $4,151.36***
|
Period |
Principal at beg. Year |
Payment at end of year |
Interest |
Repayment of principal |
Ending balance |
|
P |
OP |
PMT |
I = OP x 5%/12 |
AM = PMT - I |
CB = OP - AM |
|
1 |
1,000,000.00 |
$6,000.00 |
4,166.67 |
$1,833.33 |
$998,166.67 |
|
2 |
998,166.67 |
$6,000.00 |
4,159.03 |
$1,840.97 |
996,325.69 |
|
3 |
996,325.69 |
$6,000.00 |
4,151.36 *** |
$1,848.64 |
994,477.05 |
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