Computer Project IV MGMT 171

Ameni Kabboudi N°13

Problem Notes
Car cost = $ 28,200
18% is what you put down in car = $5,076
The loan rate (Balance) is : $28,200 - $5,076 = $23,124

Formula

A = R * [ 1 - ( 1 + i )^(-n) / i ] i = 0.072/12
= 0.006

n = 5 X 12
=60

Monthly Paid : R = 461.58

Yearly Paid : 461.58 X 5

= 5,538.96
Yearly Amortization Schedule

PNT Ant.Applie
Number PNT Ant Intrest d Balance
$ 23,200

1 $5,538.96 $1,540.00 $3,999.00 $19,201.19

2 $5,538.96 $1,243.00 $4,296.00 $14,904.77

3 $5,538.96 $923.00 $4,616.00 $10,288.59

4 $5,538.96 $579.00 $4,960.00 $ 5,328.86

5 $5,538.96 $210.00 $5,329.00 $ 0.00

Total $27,694.81 $ 4,494.81 $23,200.00

Monthly Amortization Schedule

LOAN PAYMENT CALCULATOR AUTOMOBILE LOAN

FOR $23'200

AnnRate Term n LoanAmt MoAmt

7.2% 60 23200 461.58
AMORTIZATION SCHEDULE

PNT
Number PNT Ant Intrest Ant.Applied Balance
1 $461.58 $139.20 $322.38 $22,877.62
2 $461.58 $137.27 $324.31 $22,553.31
3 $461.58 $135.32 $326.26 $22,227.05
4 $461.58 $133.36 $328.22 $21,898.83
5 $461.58 $131.39 $330.19 $21,568.64
6 $461.58 $129.41 $332.17 $21,236.47
7 $461.58 $127.42 $334.16 $20,902.31
8 $461.58 $125.41 $336.17 $20,566.14
9 $461.58 $123.40 $338.18 $20,227.96
10 $461.58 $121.37 $340.21 $19,887.75
11 $461.58 $119.33 $342.25 $19,545.50
12 $461.58 $117.27 $344.31 $19,201.19
13 $461.58 $115.21 $346.37 $18,854.81
14 $461.58 $113.13 $348.45 $18,506.36
15 $461.58 $111.04 $350.54 $18,155.82
16 $461.58 $108.93 $352.65 $17,803.18
17 $461.58 $106.82 $354.76 $17,448.42
18 $461.58 $104.69 $356.89 $17,091.53
19 $461.58 $102.55 $359.03 $16,732.49
20 $461.58 $100.39 $361.19 $16,371.31
21 $461.58 $98.23 $363.35 $16,007.96
22 $461.58 $96.05 $365.53 $15,642.43
23 $461.58 $93.85 $367.73 $15,274.70
24 $461.58 $91.65 $369.93 $14,904.77
25 $461.58 $89.43 $372.15 $14,532.62
26 $461.58 $87.20 $374.38 $14,158.23
27 $461.58 $84.95 $376.63 $13,781.60
28 $461.58 $82.69 $378.89 $13,402.71
29 $461.58 $80.42 $381.16 $13,021.55
30 $461.58 $78.13 $383.45 $12,638.10
31 $461.58 $75.83 $385.75 $12,252.34
32 $461.58 $73.51 $388.07 $11,864.28
33 $461.58 $71.19 $390.39 $11,473.88
 34 $461.58 $68.84 $392.74 $11,081.15
35 $461.58 $66.49 $395.09 $10,686.05
36 $461.58 $64.12 $397.46 $10,288.59
37 $461.58 $61.73 $399.85 $9,888.74
38 $461.58 $59.33 $402.25 $9,486.49
39 $461.58 $56.92 $404.66 $9,081.83
40 $461.58 $54.49 $407.09 $8,674.74
41 $461.58 $52.05 $409.53 $8,265.21
42 $461.58 $49.59 $411.99 $7,853.22
43 $461.58 $47.12 $414.46 $7,438.76
44 $461.58 $44.63 $416.95 $7,021.81
45 $461.58 $42.13 $419.45 $6,602.37
46 $461.58 $39.61 $421.97 $6,180.40
47 $461.58 $37.08 $424.50 $5,755.90
48 $461.58 $34.54 $427.04 $5,328.86
49 $461.58 $31.97 $429.61 $4,899.25
50 $461.58 $29.40 $432.18 $4,467.07
51 $461.58 $26.80 $434.78 $4,032.29
52 $461.58 $24.19 $437.39 $3,594.90
53 $461.58 $21.57 $440.01 $3,154.89
54 $ 461.58 $18.93 $442.65 $2,712.24
55 $ 461.58 $16.27 $445.31 $2,266.93
56 $ 461.58 $13.60 $447.98 $1,818.95
57 $ 461.58 $10.91 $450.67 $1,368.29
58 $461.58 $8.21 $453.37 $914.92
59 $461.58 $5.49 $456.09 $458.83
60 $461.58 $2.75 $458.83 $0.00

Total $27,694.81 $ 4,494.81 $23,200.00

LOAN SUMMARY
PRINCIPAL : $23,200
Interest Rate : 7.2%
Loan Term : 5 years

Payment Summary
Number of Payment : 60
Monthly Payment : 461.58
Total Principal Paid : $23,200
Total Interest Paid : $ 4,494.81
Total Loan Paid : $ 27.694
Total Paid for the car : $ 32,770