Given, Initial pricipal (P) = $18000
Interest rate per month (r) = (8/12)%
Total number of payments (n) = 4*12 = 48
Therefore, payment amount per year =
Pr(1+r)48/[(1+r)48-1]
=
${18000*(8/1200)*(1+8/1200)48/[(1+8/100)48-1]}
= $439.43
| Payment |
Amount |
Interest |
Principal |
Balance |
|
|
|
|
$18000 |
| 1 |
$439.43 |
$120 |
$319.43 |
$17680.57 |
| 2 |
$439.43 |
$117.87 |
$321.56 |
$17359.01 |
| 3 |
$439.43 |
$115.73 |
$323.70 |
$17035.31 |
| 4 |
$439.43 |
$113.57 |
$325.86 |
$16709.45 |
| 5 |
$439.43 |
$111.40 |
$328.03 |
$16381.42 |
| 6 |
$439.43 |
$109.21 |
$330.22 |
$16051.20 |
| 7 |
$439.43 |
$107.01 |
$332.42 |
$15718.78 |
| 8 |
$439.43 |
$104.79 |
$334.64 |
$15384.14 |
| 9 |
$439.43 |
$102.56 |
$336.87 |
$15047.27 |
| 10 |
$439.43 |
$100.32 |
$339.11 |
$14708.16 |
| 11 |
$439.43 |
$98.05 |
$341.38 |
$14366.78 |
| 12 |
$439.43 |
$95.78 |
$343.65 |
$14023.13 |
| 13 |
$439.43 |
$93.49 |
$345.94 |
$13677.19 |
| 14 |
$439.43 |
$91.18 |
$348.25 |
$13328.94 |
| 15 |
$439.43 |
$88.86 |
$350.57 |
$12978.37 |
| 16 |
$439.43 |
$86.52 |
$352.91 |
$12625.46 |
| 17 |
$439.43 |
$84.17 |
$355.26 |
$12270.20 |
| 18 |
$439.43 |
$81.80 |
$357.63 |
$11912.57 |
| 19 |
$439.43 |
$79.42 |
$360.01 |
$11552.56 |
| 20 |
$439.43 |
$77.02 |
$362.41 |
$11190.15 |
| 21 |
$439.43 |
$74.60 |
$364.83 |
$10825.32 |
| 22 |
$439.43 |
$72.17 |
$367.26 |
$10458.06 |
| 23 |
$439.43 |
$69.72 |
$369.71 |
$10088.35 |
| 24 |
$439.43 |
$67.26 |
$372.17 |
$9716.18 |
| 25 |
$439.43 |
$64.77 |
$374.66 |
$9341.52 |
| 26 |
$439.43 |
$62.28 |
$377.15 |
$8964.37 |
| 27 |
$439.43 |
$59.76 |
$379.67 |
$8584.70 |
| 28 |
$439.43 |
$57.23 |
$382.20 |
$8202.50 |
| 29 |
$439.43 |
$54.68 |
$384.75 |
$7817.75 |
| 30 |
$439.43 |
$52.12 |
$387.31 |
7430.44 |
| 31 |
$439.43 |
$49.54 |
$389.89 |
$7040.55 |
| 32 |
$439.43 |
$46.94 |
$392.49 |
$6648.06 |
| 33 |
$439.43 |
$44.32 |
$395.11 |
$6252.95 |
| 34 |
$439.43 |
$41.69 |
$397.74 |
$5855.21 |
| 35 |
$439.43 |
$39.03 |
$400.40 |
$5454.81 |
| 36 |
$439.43 |
$36.36 |
$403.07 |
$5051.74 |
| 37 |
$439.43 |
$33.68 |
$405.75 |
$4645.99 |
| 38 |
$439.43 |
$30.97 |
$408.46 |
$4237.53 |
| 39 |
$439.43 |
$28.25 |
$411.18 |
$3826.35 |
| 40 |
$439.43 |
$25.51 |
$413.92 |
$3412.43 |
| 41 |
$439.43 |
$22.75 |
$416.68 |
$2995.75 |
| 42 |
$439.43 |
$19.97 |
$419.46 |
$2576.29 |
| 43 |
$439.43 |
$17.18 |
$422.25 |
$2154.04 |
| 44 |
$439.43 |
$14.36 |
$425.07 |
$1728.97 |
| 45 |
$439.43 |
$11.53 |
$427.90 |
$1301.07 |
| 46 |
$439.43 |
$8.67 |
$430.76 |
$870.31 |
| 47 |
$439.43 |
$5.80 |
$433.63 |
$436.68 |
| 48 |
$439.43 |
$2.91 |
$436.52 |
$0.16 |
