. Gabriel Godwin purchases a tiny home for his elderly mother. After a large down payment, he finances $88,600 at 5% for 10 years. Prepare a repayment schedule for the first two payments. This should be in a table Payment Number Total Payment Interest Payment Principal Payment Remaining Balance
. Gabriel Godwin purchases a tiny home for his elderly mother. After a large down payment, he finances $88,600 at 5% for 10 years.
Prepare a repayment schedule for the first two payments.
This should be in a table
Payment Number
Total Payment
Interest Payment
Principal Payment
Remaining Balance
A loan amortization schedule is a detailed table of periodic loan payments that shows the amount of principle and interest in each payment until the loan is paid off at the end of its term. Each recurring payment totals the same amount for each period. However, because the initial outstanding loan balance used to calculate interest is large early in the schedule, the majority of each payment is what is owed in interest; later in the schedule, the majority of each payment is what is owed in principal because the outstanding loan balance decreases over time as payments are made.
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