Installment Loan Schedule Question?

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Mortgage/Loan – $ 140,000
Term – 15 years
Interest rate – 5%
Beginning Balance – $ 140,000

Calculate ALL of the following each year for 15 years.

2009 — Beg. Bal — Annual Payment — Interest — Principal — Ending Balance

1 Comment
  1. Reply
    dusty_titus
    May 3, 2011 at 4:11 am

    1107.00 per month x 12 equals 13284 annual payment
    15×13284 equals: 199,260 minus – 140,000 – equals 59260 paid interest. 59260 divided by 15 is 3950.07 per year in interest
    therefore:
    Beginning balance is 199,260 (this is fully amoritized)
    Annual payment is 13284.00
    Interest per year is 3950.07
    ending balance is always 0 when you finish payments (unless you have some other figure in mind)

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