Question

You borrow a 1 million dollars loan at 7% annual interest rate with 8 annual payments at the end of each year. Please show the amortization schedule.

Answer 1

for calculating end of payments use the formula =PMT(7%,8,-1000000,0,0) = 167,467.76

Year	Beg Balance	Total Pmt	Interest	Principal Paid	End Balance
1	1,000,000.00	167,467.76	70000.00	97,467.76	902,532.24
2	902,532.24	167,467.76	63177.26	104,290.51	798,241.73
3	798,241.73	167,467.76	55876.92	111,590.84	686,650.89
4	686,651	167,467.76	48065.56	119,402.20	567,248.69
5	567,249	167,467.76	39707.41	127,760.35	439,488.34
6	439,488	167,467.76	30764.18	136,703.58	302,784.76
7	302,785	167,467.76	21194.93	146,272.83	156,511.93
8	156,512	167,467.76	10955.83	156,511.93	0