Question

# Find the amortization table for a \$23,000 loan amortized over 3 years with semiannual payments if...

Find the amortization table for a \$23,000 loan amortized over 3 years with semiannual payments if the interest rate is 6.1% per year compounded semiannually. (Round your answers to the nearest cent.) End of Period Payment Made Payment Toward Interest Payment Toward Principal Outstanding Principle 0 23000 1 2 3 4 5 6

 Semi Annual rate(M)= yearly rate/2= 3.05% Semi Annual payment= 4252.78 Half year Beginning balance (A) Semi Annual payment Interest = M*A Principal paid Ending balance 1 23000.00 4252.78 701.50 3551.28 19448.72 2 19448.72 4252.78 593.19 3659.60 15789.12 3 15789.12 4252.78 481.57 3771.21 12017.91 4 12017.91 4252.78 366.55 3886.23 8131.68 5 8131.68 4252.78 248.02 4004.77 4126.91 6 4126.91 4252.78 125.87 4126.91 0.00
 Where Interest paid = Beginning balance * Semi Annual interest rate Principal = Semi Annual payment – interest paid Ending balance = beginning balance – principal paid Beginning balance = previous Half year ending balance