Name: Ajmal Shahzad Assignment: Loan amortization table

On January 1, 2015, Rocket Corporation borrowed Rs7,581.57 from First Bank. The loan was a five-
year loan and had an interest rate of 12%. The annual payment is Rs2,103.20

Prepare an amortization table for Rocket Corporation.

Reduction in
Interest Unpaid Unpaid
Date Payment Expense Balance Balance

Jan.1, 2015        7581.57

Dec.31 2015   2103.20   909.78  1193.42  6388.15
Dec,31 2016   2103.20  766.57  1336.62  6244.95
Dec,31 2017   2103.20  749.39  1353.80  4891.15
Dec,31 2018   2103.20  586.93 1516.26   3374.89
Dec,31 2019   2103.20  404.98  1698.22  1676.67