Loan Payment Problems

Solution Preview

Please see attached Excel file for solution.

Loan Amount $60,000.00
Interest Rate 12% compounded monthly

Month Min. Payment Principal
0 $- $60,000.00
1 $1,800.00 $58,200.00
2 $1,746.00 $56,454.00
3 $1,693.62 $54,760.38
4 $1,642.81 $53,117.57
5 $1,593.53 $51,524.04
6 $1,545.72 $49,978.32
7 $1,499.35 $48,478.97
8 $1,454.37 $47,024.60
9 $1,410.74 $45,613.86
10 $1,368.42 $44,245.45
11 $1,327.36 $42,918.08
12

Month Min. Payment Principal
0 $- $60,000.00
1 $1,800.000 $58,200.00
2 $1,746.000 $56,454.00
3 $1,693.620 $54,760.38
4 $1,642.811 $53,117.57
5 $1,593.527 $51,524.04
6 $1,545.721 $49,978.32
7 $1,499.350 $48,478.97
8 $1,454.369 $47,024.60
9 $1,410.738 $45,613.86
10 $1,368.416 $44,245.45
11 $1,327.363 $42,918.08
12 $1,287.543 $41,630.54
13 $1,248.916 $40,381.63
14 $1,211.449 $39,170.18
15 $1,175.105 $37,995.07
16 $1,139.852 $36,855.22
17 $1,105.657 $35,749.56
18 $1,072.487 $34,677.08
19 $1,040.312 $33,636.76
20 $1,009.103 $32,627.66
21 $978.830 $31,648.83
22 $949.465 $30,699.37
23 $920.981 $29,778.38
24 $893.352 $28,885.03
25 $866.551 $28,018.48
26 $840.554 $27,177.93
27 $815.338 $26,362.59
28 $790.878 $25,571.71
29 $767.151 $24,804.56
30 $744.137 $24,060.42 ...