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October 23, 2014

October 23, 2014

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

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