Andrew takes out a 30-year home-loan of $650,000. The bank charges interest at 6% p.a. compounded monthly.
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Question:
Andrew takes out a 30-year home-loan of $650,000. The bank charges interest at 6% p.a. compounded monthly. Andrew repay the same amount at the end of each month for the whole loan term. Help Andrew to prepare the loan repayment schedule for month 61 below. (Round your answer to 2 decimal places. Do not include the $ symbol. Do not use comma separators. E.g. 1234.56)
Month | Opening balance of the loan | Interest Paid | Principal Paid | Ending balance of the loan |
61 | Answer | Answer | Answer | Answer |
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