Amortization

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Amortization Powered By Docstoc
					Total Balance Owed: Annual Periodic Rate (APR): Monthly Scheduled Payment: Current Month (e.g., Aug-02): One-Time Add'l Payment, If Any: Add'l Monthly Payments, If Any:

$2,388.00 2.20% $225.00 Jan-05 $1,000.00 $141.00

Total Interest Paid: Total Paid (incl Int.): Payoff Month: Monthly Periodic Rate: Total Monthly Payment:

Balance Pay # 1 2 3 4 Month Jan-05 Feb-05 Mar-05 Apr-05 After Payment $1,022.00 $660.38 $296.26 $0.00 Interest $4.38 $1.88 $1.21

New Balance $1,026.38 $662.26 $297.47

$7.47

$7.47 $2,395.47 April-05 0.1833% $366.00

Step 1 Step 2 Step 3 Step 4 Step 5 Step 6

Insert total balance owed on the credit card or loan. (Cell E2) Insert APR (annual) interest rate. (Cell E3) Insert the amount of monthly payment you wish to use. (Cell E5) Enter the current month, using the following format: 07-02 (for July 2002) Enter any one-time additional payment (such as a down payment). Enter any additional monthly payment (above the amount in Step 3). Once this info is typed in, the spreadsheet will compute the total amount of interest paid over the remainder of the loan (cell I2), the total dollars paid over the remainder of the loan (cell I3), and the month & year in which the loan will be paid in full (cell I4).


				
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posted:1/9/2008
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