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Chapter 5, Solutions        Cornett, Adair, and Nofsinger

26

5,018.32

477.00

37.64

439.36

4,578.96

27

4,578.96

477.00

34.34

442.65

4,136.31

28

4,136.31

477.00

31.02

445.97

3,690.33

29

3,690.33

477.00

27.68

449.32

3,241.02

30

3,241.02

477.00

24.31

452.69

2,788.33

31

2,788.33

477.00

20.91

456.08

2,332.24

32

2,332.24

477.00

17.49

459.50

1,872.74

33

1,872.74

477.00

14.05

462.95

1,409.79

34

1,409.79

477.00

10.57

466.42

943.37

35

943.37

477.00

7.08

469.92

473.45

36

473.45

477.00

3.55

473.45

0.00

LG95-44 Amortization Schedule Create the amortization schedule for a loan of $5,000, paid monthly over 2 years using a 8 percent APR.  

Month

Beginning Balance

Total Payment

Interest Paid

Principal Paid

Ending Balance

1

$5,000.00

$226.14

$33.33

$192.80

$4,807.20

2

4,807.20

$226.14

$32.05

194.09

4,613.11

3

4,613.11

$226.14

$30.75

195.38

4,417.73

4

4,417.73

$226.14

$29.45

196.68

4,221.04

5

4,221.04

$226.14

$28.14

198.00

4,023.04

6

4,023.04

$226.14

$26.82

199.32

3,823.73

7

3,823.73

$226.14

$25.49

200.64

3,623.08

8

3,623.08

$226.14

$24.15

201.98

3,421.10

9

3,421.10

$226.14

$22.81

203.33

3,217.77

10

3,217.77

$226.14

$21.45

204.68

3,013.09

11

3,013.09

$226.14

$20.09

206.05

2,807.04

12

2,807.04

$226.14

$18.71

207.42

2,599.62

13

2,599.62

$226.14

$17.33

208.81

2,390.81

14

2,390.81

$226.14

$15.94

210.20

2,180.61

15

2,180.61

$226.14

$14.54

211.60

1,969.01

16

1,969.01

$226.14

$13.13

213.01

1,756.00

17

1,756.00

$226.14

$11.71

214.43

1,541.57

18

1,541.57

$226.14

$10.28

215.86

1,325.71

19

1,325.71

$226.14

$8.84

217.30

1,108.42

20

1,108.42

$226.14

$7.39

218.75

889.67

21

889.67

$226.14

$5.93

220.21

669.46

22

669.46

$226.14

$4.46

221.67

447.79

23

447.79

$226.14

$2.99

223.15

224.64

24

224.64

$226.14

$1.50

224.64

0.00

LG45-45 Investing for Retirement Monica has decided that she wants to build enough       

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