Homework Answers
Paul has $ 100,000 student loan to repay after graduation.
The monthly payment on the student loan if it is repaid in 10 years is calculated as follows
Monthly payment = $1,060.66
The amortization schedule of Paul's student loan for the first three months is shown as below:-
| Month | Beginning balance | Monthly payment | Interest | Principal | Ending balane |
| 1 | $100,000 | $1,060.66 | $416.67 | $643.99 | $99,356.01 |
| 2 | $99,356.01 | $1,060.66 | $413.98 | $646.68 | $98,709.33 |
| 3 | $98,709.33 | $1,060.66 | $411.29 | $649.37 | $98,059.96 |
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