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

- 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 ...
- Maths - Firm has a $500,000 loan with 9% APR (compounded monthly) Loan is 5-yr ...
- Math - Andy needs to pay off a loan of $18,000 in 5 years. Find the amortization...
- Fianance - Jake is looking at refinancing his mortgages and paying off his ...
- Math - Louise Grantham is buying a home for $198,500 with a 20% down payment. ...
- finance - John borrows $150,000. The terms of the loan are 7.5% over the next 5 ...
- Algebra - Financial Project Five years ago, you bought a house for $171,000. You...

More Related Questions