Help with equal monthly payments and find how much interest in 24th payment

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Sue0113

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Feb 1, 2012
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Mr Lamb borrowed $8321.00 at 11.12% compounded monthly. He agreed to repay the loan in equal monthly payments over 5 years.
What is the size of monthly payment?
How much of the 24th payment is interest?
What is the principal repaid in the 37th payment?
8321=PMT(1-1.009267^-60/.009267) PV=8321 n=5(12) P/Y=12 C/Y=12 i=11.12/12 = .009267 I/Y=11.12

8321=PMT(.0425043/.009267) 8321=PMT(45.866267) PMT=181.418732
Payment is $181.42

FV=8321(1.009267)^24 =8321(1.247802) =10382.962433

FV=181.42(1.009267^24 -1/.009267 181.42(26.740787) =4851.222859
10382.962433-4851.222859 = 5531.739571
5531.739571 X .009267 = 51.262631 Are the first 2 parts correct? How do I find the principal repaid in the 37th payment?
 
Payment is good.

What is the remaining balance after the 23rd payment?

What is the remaining balance after the 36th payment?
 
not capishing!

Mr Lamb borrowed $8321.00 at 11.12% compounded monthly. He agreed to repay the loan in equal monthly payments over 5 years.
What is the size of monthly payment?
How much of the 24th payment is interest?
What is the principal repaid in the 37th payment?
8321=PMT(1-1.009267^-60/.009267) PV=8321 n=5(12) P/Y=12 C/Y=12 i=11.12/12 = .009267 I/Y=11.12

8321=PMT(.0425043/.009267) 8321=PMT(45.866267) PMT=181.418732
Payment is $181.42
FV=8321(1.009267)^23 = 10287.62699
10287.62699 - 4851.222859 = 5436.404134 5436.404134 X .009267= 50.37915711
8321(1.009267)^36=11598.29533 FV=181.42(1.009267^36-1/.009267 FV=181.42 (42.0117078) = 7710.562402
11598.29533 - 7710.562402 = 3887.732928
3887.732928(.009267) = 36.02762104 When I'm done with question I have to do a Amortization table showing 1st 3payments and last 3payments and totals. Not capishing!
 
Last edited:
Really Confused now!

FV=8321(1.009267)^24 =8321(1.247802) =10382.962433
FV=181.42(1.009267^24 -1/.009267 181.42(26.740787) = 4851.222859
10382.962433-4851.222859 = 5531.739571

That was correct as balance owing after 24 payments.

FV=8321(1.009267)^23 = 10287.62699
10287.62699 - 4851.222859 = 5436.404134

Incorrect. CANNOT owe less after 23rd payment.
Can you see what you "forgot" to do?
No I don't I'm totally confused, guessing I should have added the 181.42 to the 23rd payment before subtracting.
 
partial amortization schedule

Payment Number Amount Paid Interest paid Principal Repaid Outstanding Principal
0 $8321.00
1 $181.42 $77.11 $104.31 $8216.00
2 $181.42 $76.14 $105.28 $8111.41
3 $181.42 $75.17 $106.25 $8005.16
58 $181.42
59 $181.42
60 $181.42
Total $10885.20 $2564.20 $8321.00

So this is as far as I got in my schedule...Is this part right so far? p=.009267
How do I find the Interst paid and Principal repaid for 58th payment to 60th payment?
 
So then its
Pmt PMT interest pd Principal pd Outstanding Principal
58 181.42 58.76 122.66 7882.50
59 181.42 51.39 130.03 7752.47
60 181.42

for the last payment I`m getting I`m getting Principal pd as 131.21
and then I`m lost should the Outstand balance not be 0 ?
So I made mistake somewhere.....
 
Help

I 'm down to final payment 60th, but thinkin I made mistake because I believe outstandng
should be 0. Could somebody please advise.
 
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