Please complete the attached amortization schedule. This is a common task people in accounting and finance do all the time. One example is how a car payment or a house payment is calculated.
Data | Period |
Date | Interest Expense |
Principal Reduction |
Cash Payment | Unpaid Balance |
|||||
Loan Amount | $6,000.00 | issue date | 3/1/18 | 6,000.00 | |||||||
Beginning Date | 1/1/2018 | 1 | 3/1/19 | 1,811.52 | |||||||
Term (years) | 4 | 2 | 3/2/20 | 1,811.52 | |||||||
Interest rate | 8.00% | 3 | 3/3/21 | 1,811.52 | |||||||
4 | 3/4/22 | 1,811.55 | |||||||||
Annual Payment | $1,811.52 | Total | 1,246.10 | 6,000.00 | 7,246.11 | ||||||
Date | Interest | Period | Date | Interest Expenses | Principal | Cash Payment | Unpaid |
Expense | Reduction | Balance | |||||
Loan Amount | $6,000.00 | issue date | 3/1/2018 | $ - | $ - | $ - | $6,000.00 |
Beginning Date | 1/1/2018 | 1 | 3/1/2019 | $ 480.00 | $1,331.52 | $1,811.52 | $4,668.48 |
Term (years) | 4 | 2 | 3/2/2020 | $ 373.48 | $1,438.04 | $1,811.52 | $3,230.44 |
Interest rate | 8.00% | 3 | 3/3/2021 | $ 258.44 | $1,553.08 | $1,811.52 | $1,677.35 |
4 | 3/4/2022 | $ 134.19 | $1,677.36 | $1,811.55 | $ (0.01) | ||
Annual Payment | $1,811.52 | Total | $1,246.10 | $6,000.00 | $7,246.11 |
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