math

A $15,000 debt is to be amortized in 12 equal semiannual payments at an annual interest rate of 11% on the unpaid balance. Construct an amortization table to determine the unpaid balance after two payments have been made.

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asked by Haley
  1. first you need the monthly payment.
    i = .11/12= .00916666..
    n = 12

    Paym (1 - 1.0091666..^-12)/.009166.. = 15000
    paym = 1325.72

    Here are my titles to the amortization table ( they will not line up niceley)
    Time - payment - interest - repayment - balance

    now -- 0.00 -- 0.00 -- 0.00 -- 15000.00
    1 -- 137.50 -- 1188.22 -- 13811.78
    2 -- 126.61 -- 1199.11 -- 12612.67
    ....

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    posted by Reiny

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