Jane owes Sam $15,000. She promises that she will make semi-annual payments over the
next 4 years at an interest rate of 12% compounded semiannually. The payments are made at
the end of every period. Find the periodic payment and construct a complete amortization
schedule.
i = .12/2 = .06
n = 2*4 = 8
PV = 15000
Pay = ?
all you have to do is use your formula.
Pay( 1 - 1.06^-8)/.06 = 15000
solve for Pay, you do the button-pushing on your calculator
Making an amortization schedule for you on here in an unreasonable
request, although easy to do with only 8 lines.
A google search shows that there are several amortization schedule calculators on line