Posted by **Lori** on Friday, June 15, 2012 at 11:37am.

Need to make a monthly amortization schedule. Borrowing 16000 over 4 years at 3.5%. Do I need to calculate for 48 months in order to do this project correctly? I do all the calcs for 48 months and I still end up with approx a payment left over?

- Math -
**Reiny**, Friday, June 15, 2012 at 12:28pm
16000 = paym (1 - (1.00291666..)^-48)/.00291666..

I got payment = 357.70

# Paym - Inter- Repaym - Balance

0 000.00 00.00 000.00 16000.00

1 357.70 46.67 311.03 15688.97

2 357.70 45.76 311.94 15377.03

...

..

48 357.70 1.04 356.67 -0.72

done with Excel, error due to roundoff of original payment

Make sure you carry enough decimals of

.002916666... in your calculator, I did .035/12 and then stored that result in memory.

## Answer This Question

## Related Questions

- science - Shown below are the data giving the length of life of lights in an ...
- Statistics - Shown below are the data giving the length of life of lights in an ...
- math - A person takes out a monthly installment loan of $2000 with an annual ...
- Math - Louise Grantham is buying a home for $198,500 with a 20% down payment. ...
- Finance - You are considering borrowing $150,000 to purchase a new home. a. ...
- math - Andy needs to pay off a loan of $18,000 in 5 years. Find the amortization...
- Math - Andy needs to pay off a loan of $18,000 in 5 years. Find the amortization...
- help please math - Andy needs to pay off a loan of $18,000 in 5 years. Find the ...
- math - John's account of 98.50 has been delinquent for 3 months. After 90 days ...
- Statistics - . A certain company makes 12-volt car batteries. After many years ...

More Related Questions