Loan (PV) Annual Rate Payments per Year Rate per Period (RATE) Years Payments (NPER) $375,000 6.50% 4 5...
| Loan (PV) | Annual Rate | Payments per Year | Rate per Period (RATE) | Years |
Payments (NPER) |
| $375,000 | 6.50% | 4 | 5 | 30 | |
| Amortization Schedule | |||||
| Year | Period |
Remaining Principal |
Interest Payment |
Principal Payment |
Total Payment |
| 1 | 1 | ||||
| 1 | 2 | ||||
| 1 | 3 | ||||
| 1 | 4 | ||||
| 2 | 5 | ||||
| 2 | 6 | ||||
| 2 | 7 | ||||
| 2 | 8 | ||||
| 3 | 9 | ||||
| 3 | 10 | ||||
| 3 | 11 | ||||
| 3 | 12 | ||||
| 4 | 13 | ||||
| 4 | 14 | ||||
| 4 | 15 | ||||
| 4 | 16 | ||||
| 5 | 17 | ||||
| 5 | 18 | ||||
| 5 | 19 | ||||
| 5 | 20 | ||||
| Final Balance | |||||
Need help on finishing in the blank squares.
Homework Answers
Rate per period = 1.625%
The payment for each quarter is calculated as follows:-
Payment for each quarter = $22,112.24
-------------------------------------------------------------------------------------------------------------------
Total payment = $22,112.24
Interest payment of a period = 1.625% x Remaining principal of previous period
Principal payment = Total payment - interest payment
Remaining principal = Remaining principal of previous period - Principal payment of the period
| Loan (PV) | Annual Rate | Payments per Year | Rate per Period (RATE) % | Years | Payments |
| (NPER) | |||||
| $375,000 | 6.50% | 4 | 1.625 | 5 | 30 |
| Year | Period | Remaining | Interest | Principal | Total Payment |
| Principal | Payment | Payment | |||
| 1 | 1 | $358,981.51 | $6,093.75 | $16,018.49 | $22,112.24 |
| 1 | 2 | $342,702.72 | $5,833.45 | $16,278.79 | $22,112.24 |
| 1 | 3 | $326,159.40 | $5,568.92 | $16,543.32 | $22,112.24 |
| 1 | 4 | $309,347.25 | $5,300.09 | $16,812.15 | $22,112.24 |
| 2 | 5 | $292,261.90 | $5,026.89 | $17,085.35 | $22,112.24 |
| 2 | 6 | $274,898.92 | $4,749.26 | $17,362.98 | $22,112.24 |
| 2 | 7 | $257,253.79 | $4,467.11 | $17,645.13 | $22,112.24 |
| 2 | 8 | $239,321.92 | $4,180.37 | $17,931.87 | $22,112.24 |
| 3 | 9 | $221,098.66 | $3,888.98 | $18,223.26 | $22,112.24 |
| 3 | 10 | $202,579.27 | $3,592.85 | $18,519.39 | $22,112.24 |
| 3 | 11 | $183,758.95 | $3,291.91 | $18,820.33 | $22,112.24 |
| 3 | 12 | $164,632.79 | $2,986.08 | $19,126.16 | $22,112.24 |
| 4 | 13 | $145,195.83 | $2,675.28 | $19,436.96 | $22,112.24 |
| 4 | 14 | $125,443.02 | $2,359.43 | $19,752.81 | $22,112.24 |
| 4 | 15 | $105,369.23 | $2,038.45 | $20,073.79 | $22,112.24 |
| 4 | 16 | $84,969.24 | $1,712.25 | $20,399.99 | $22,112.24 |
| 5 | 17 | $64,237.75 | $1,380.75 | $20,731.49 | $22,112.24 |
| 5 | 18 | $43,169.38 | $1,043.86 | $21,068.38 | $22,112.24 |
| 5 | 19 | $21,758.64 | $701.50 | $21,410.74 | $22,112.24 |
| 5 | 20 | $0.00 | $353.58 | $21,758.66 | $22,112.24 |
| Final Balance | $0 |
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