Saturday

January 31, 2015

January 31, 2015

Posted by **carol** on Wednesday, September 5, 2012 at 3:58am.

- debt payments -
**Steve**, Wednesday, September 5, 2012 at 12:11pmThe question is confusing. If you pay $300 principal each month plus interest, the amount of interest will change each month. No reputable lender would charge interest on the original an=mount as the outstanding balance decreases.

I looked for a formula using constant principal payments, but could not fine one easily. So, an amortization schedule to fit the problem as posed would look like the chart below, where each line lists the payment number, the principal, interest, and remaining balance.

1: 300.00 26.60 5020.00

2: 300.00 25.10 4720.00

3: 300.00 23.60 4420.00

4: 300.00 22.10 4120.00

5: 300.00 20.60 3820.00

6: 300.00 19.10 3520.00

7: 300.00 17.60 3220.00

8: 300.00 16.10 2920.00

9: 300.00 14.60 2620.00

10: 300.00 13.10 2320.00

11: 300.00 11.60 2020.00

12: 300.00 10.10 1720.00

13: 300.00 8.60 1420.00

14: 300.00 7.10 1120.00

15: 300.00 5.60 820.00

16: 300.00 4.10 520.00

17: 300.00 2.60 220.00

18: 220.00 1.10

**Answer this Question**

**Related Questions**

Math 123 - carolyn borowed $125 if the interest rate is 1.5% per month on the ...

computer programming - Paying Off Credit Card Debt Each month, a credit card ...

Computer science - Paying Off Credit Card Debt Each month, a credit card ...

computer programming - Paying Off Credit Card Debt Each month, a credit card ...

Mathematics and investment - 1. Angelo wants to renovate his house in 3 years. ...

consumer math - You owe $1,350.00 on a credit card with a 14.25% APR. You pay $...

Math - I take out a loan for $10,000.00 and the interest rate is 6.3% APR. If I ...

Math - Anne now has a balance of $900 on her credit card, on which 1.5% interest...

Math - Joanie takes a $6,000 loan to pay for her car. The annual interest reate...

math - If you paid 2,000 a month or 24,000 a year on 200,000 dollars at 5.00% ...