Amortization calculator

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Solution

Solution provided by AtoZmath.com

1. Find Monthly payment A = ?
for Loan amount P = 12000, Interest rate i = 5, Loan term n = 10 years

2. Find Monthly payment A = ?
for Loan amount P = 100000, Interest rate i = 15, Loan term n = 5 years

3. Find Monthly payment A = ?
for Loan amount P = 20000, Interest rate i = 10, Loan term n = 4 years

Example

1. Find Monthly payment A = ?
for Loan amount P = 12000, Interest rate i = 5, Loan term n = 10 years,

Solution:
`P=12000` (Loan amount)

`i=5%=0.05` per year (Interest rate)

`n=10` years (Number of periods)

`"Monthly rate" = "Annual rate"/12`

`"Monthly rate" = 0.05/12`

`"Monthly rate" = 0.004167`

`n=10*12=120` months

`A=(P*i)/(1-(1+i)^-n)`

`=(12000*0.004167)/(1-(1+0.004167)^-120)`

`=(50)/(1-(1.0042)^-120)`

`=127.2786`

Create Amortization Schedule

Month = 1
`12000*0.004167=50`

`127.2786-50=77.2786`

`12000-77.2786=11922.7214`

Month = 2
`11922.7214*0.004167=49.678`

`127.2786-49.678=77.6006`

`11922.7214-77.6006=11845.1208`

Amortization table

Month	Date	Principal	Interest	Payment	Total Interest Paid	Total Remaining Balance
0						12000
1	Mar-2024	77.2786	50	127.2786	50	11922.7214
2	Apr-2024	77.6006	49.678	127.2786	99.678	11845.1208
3	May-2024	77.9239	49.3547	127.2786	149.0327	11767.1969
4	Jun-2024	78.2486	49.03	127.2786	198.0627	11688.9483
5	Jul-2024	78.5746	48.704	127.2786	246.7667	11610.3737
6	Aug-2024	78.902	48.3766	127.2786	295.1433	11531.4717
7	Sep-2024	79.2308	48.0478	127.2786	343.1911	11452.2409
8	Oct-2024	79.5609	47.7177	127.2786	390.9088	11372.68
9	Nov-2024	79.8924	47.3862	127.2786	438.295	11292.7876
10	Dec-2024	80.2253	47.0533	127.2786	485.3483	11212.5623
11	Jan-2025	80.5596	46.719	127.2786	532.0673	11132.0027
12	Feb-2025	80.8953	46.3833	127.2786	578.4506	11051.1074
13	Mar-2025	81.2323	46.0463	127.2786	624.4969	10969.8751
14	Apr-2025	81.5708	45.7078	127.2786	670.2047	10888.3043
15	May-2025	81.9107	45.3679	127.2786	715.5726	10806.3936
16	Jun-2025	82.252	45.0266	127.2786	760.5992	10724.1416
17	Jul-2025	82.5947	44.6839	127.2786	805.2831	10641.5469
18	Aug-2025	82.9388	44.3398	127.2786	849.6229	10558.6081
19	Sep-2025	83.2844	43.9942	127.2786	893.6171	10475.3237
20	Oct-2025	83.6314	43.6472	127.2786	937.2643	10391.6923
21	Nov-2025	83.9799	43.2987	127.2786	980.563	10307.7124
22	Dec-2025	84.3298	42.9488	127.2786	1023.5118	10223.3826
23	Jan-2026	84.6812	42.5974	127.2786	1066.1092	10138.7014
24	Feb-2026	85.034	42.2446	127.2786	1108.3538	10053.6674
25	Mar-2026	85.3883	41.8903	127.2786	1150.2441	9968.2791
26	Apr-2026	85.7441	41.5345	127.2786	1191.7786	9882.535
27	May-2026	86.1014	41.1772	127.2786	1232.9558	9796.4336
28	Jun-2026	86.4601	40.8185	127.2786	1273.7743	9709.9735
29	Jul-2026	86.8204	40.4582	127.2786	1314.2325	9623.1531
30	Aug-2026	87.1821	40.0965	127.2786	1354.329	9535.971
31	Sep-2026	87.5454	39.7332	127.2786	1394.0622	9448.4256
32	Oct-2026	87.9102	39.3684	127.2786	1433.4306	9360.5154
33	Nov-2026	88.2765	39.0021	127.2786	1472.4327	9272.2389
34	Dec-2026	88.6443	38.6343	127.2786	1511.067	9183.5946
35	Jan-2027	89.0136	38.265	127.2786	1549.332	9094.581
36	Feb-2027	89.3845	37.8941	127.2786	1587.2261	9005.1965
37	Mar-2027	89.7569	37.5217	127.2786	1624.7478	8915.4396
38	Apr-2027	90.1309	37.1477	127.2786	1661.8955	8825.3087
39	May-2027	90.5065	36.7721	127.2786	1698.6676	8734.8022
40	Jun-2027	90.8836	36.395	127.2786	1735.0626	8643.9186
41	Jul-2027	91.2623	36.0163	127.2786	1771.0789	8552.6563
42	Aug-2027	91.6425	35.6361	127.2786	1806.715	8461.0138
43	Sep-2027	92.0244	35.2542	127.2786	1841.9692	8368.9894
44	Oct-2027	92.4078	34.8708	127.2786	1876.84	8276.5816
45	Nov-2027	92.7928	34.4858	127.2786	1911.3258	8183.7888
46	Dec-2027	93.1795	34.0991	127.2786	1945.4249	8090.6093
47	Jan-2028	93.5677	33.7109	127.2786	1979.1358	7997.0416
48	Feb-2028	93.9576	33.321	127.2786	2012.4568	7903.084
49	Mar-2028	94.3491	32.9295	127.2786	2045.3863	7808.7349
50	Apr-2028	94.7422	32.5364	127.2786	2077.9227	7713.9927
51	May-2028	95.137	32.1416	127.2786	2110.0643	7618.8557
52	Jun-2028	95.5334	31.7452	127.2786	2141.8095	7523.3223
53	Jul-2028	95.9314	31.3472	127.2786	2173.1567	7427.3909
54	Aug-2028	96.3311	30.9475	127.2786	2204.1042	7331.0598
55	Sep-2028	96.7325	30.5461	127.2786	2234.6503	7234.3273
56	Oct-2028	97.1356	30.143	127.2786	2264.7933	7137.1917
57	Nov-2028	97.5403	29.7383	127.2786	2294.5316	7039.6514
58	Dec-2028	97.9467	29.3319	127.2786	2323.8635	6941.7047
59	Jan-2029	98.3548	28.9238	127.2786	2352.7873	6843.3499
60	Feb-2029	98.7646	28.514	127.2786	2381.3013	6744.5853
61	Mar-2029	99.1762	28.1024	127.2786	2409.4037	6645.4091
62	Apr-2029	99.5894	27.6892	127.2786	2437.0929	6545.8197
63	May-2029	100.0044	27.2742	127.2786	2464.3671	6445.8153
64	Jun-2029	100.421	26.8576	127.2786	2491.2247	6345.3943
65	Jul-2029	100.8395	26.4391	127.2786	2517.6638	6244.5548
66	Aug-2029	101.2596	26.019	127.2786	2543.6828	6143.2952
67	Sep-2029	101.6815	25.5971	127.2786	2569.2799	6041.6137
68	Oct-2029	102.1052	25.1734	127.2786	2594.4533	5939.5085
69	Nov-2029	102.5306	24.748	127.2786	2619.2013	5836.9779
70	Dec-2029	102.9579	24.3207	127.2786	2643.522	5734.02
71	Jan-2030	103.3868	23.8918	127.2786	2667.4138	5630.6332
72	Feb-2030	103.8176	23.461	127.2786	2690.8748	5526.8156
73	Mar-2030	104.2502	23.0284	127.2786	2713.9032	5422.5654
74	Apr-2030	104.6846	22.594	127.2786	2736.4972	5317.8808
75	May-2030	105.1208	22.1578	127.2786	2758.655	5212.76
76	Jun-2030	105.5588	21.7198	127.2786	2780.3748	5107.2012
77	Jul-2030	105.9986	21.28	127.2786	2801.6548	5001.2026
78	Aug-2030	106.4403	20.8383	127.2786	2822.4931	4894.7623
79	Sep-2030	106.8838	20.3948	127.2786	2842.8879	4787.8785
80	Oct-2030	107.3291	19.9495	127.2786	2862.8374	4680.5494
81	Nov-2030	107.7763	19.5023	127.2786	2882.3397	4572.7731
82	Dec-2030	108.2254	19.0532	127.2786	2901.3929	4464.5477
83	Jan-2031	108.6763	18.6023	127.2786	2919.9952	4355.8714
84	Feb-2031	109.1291	18.1495	127.2786	2938.1447	4246.7423
85	Mar-2031	109.5838	17.6948	127.2786	2955.8395	4137.1585
86	Apr-2031	110.0404	17.2382	127.2786	2973.0777	4027.1181
87	May-2031	110.4989	16.7797	127.2786	2989.8574	3916.6192
88	Jun-2031	110.9594	16.3192	127.2786	3006.1766	3805.6598
89	Jul-2031	111.4217	15.8569	127.2786	3022.0335	3694.2381
90	Aug-2031	111.8859	15.3927	127.2786	3037.4262	3582.3522
91	Sep-2031	112.3521	14.9265	127.2786	3052.3527	3470.0001
92	Oct-2031	112.8203	14.4583	127.2786	3066.811	3357.1798
93	Nov-2031	113.2904	13.9882	127.2786	3080.7992	3243.8894
94	Dec-2031	113.7624	13.5162	127.2786	3094.3154	3130.127
95	Jan-2032	114.2364	13.0422	127.2786	3107.3576	3015.8906
96	Feb-2032	114.7124	12.5662	127.2786	3119.9238	2901.1782
97	Mar-2032	115.1904	12.0882	127.2786	3132.012	2785.9878
98	Apr-2032	115.6703	11.6083	127.2786	3143.6203	2670.3175
99	May-2032	116.1523	11.1263	127.2786	3154.7466	2554.1652
100	Jun-2032	116.6362	10.6424	127.2786	3165.389	2437.529
101	Jul-2032	117.1222	10.1564	127.2786	3175.5454	2320.4068
102	Aug-2032	117.6102	9.6684	127.2786	3185.2138	2202.7966
103	Sep-2032	118.1003	9.1783	127.2786	3194.3921	2084.6963
104	Oct-2032	118.5924	8.6862	127.2786	3203.0783	1966.1039
105	Nov-2032	119.0865	8.1921	127.2786	3211.2704	1847.0174
106	Dec-2032	119.5827	7.6959	127.2786	3218.9663	1727.4347
107	Jan-2033	120.081	7.1976	127.2786	3226.1639	1607.3537
108	Feb-2033	120.5813	6.6973	127.2786	3232.8612	1486.7724
109	Mar-2033	121.0837	6.1949	127.2786	3239.0561	1365.6887
110	Apr-2033	121.5882	5.6904	127.2786	3244.7465	1244.1005
111	May-2033	122.0948	5.1838	127.2786	3249.9303	1122.0057
112	Jun-2033	122.6036	4.675	127.2786	3254.6053	999.4021
113	Jul-2033	123.1144	4.1642	127.2786	3258.7695	876.2877
114	Aug-2033	123.6274	3.6512	127.2786	3262.4207	752.6603
115	Sep-2033	124.1425	3.1361	127.2786	3265.5568	628.5178
116	Oct-2033	124.6598	2.6188	127.2786	3268.1756	503.858
117	Nov-2033	125.1792	2.0994	127.2786	3270.275	378.6788
118	Dec-2033	125.7008	1.5778	127.2786	3271.8528	252.978
119	Jan-2034	126.2245	1.0541	127.2786	3272.9069	126.7535
120	Feb-2034	126.7535	0.5281	127.2816	3273.435	0