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Are these calculations correct? If not, where did I go wrong? Loan: $10,000 Rate: 6.50% Term: 60 Payment: ($195.66) Mo. 1 2 3 4 5
Are these calculations correct? If not, where did I go wrong?
Loan: $10,000 Rate: 6.50% Term: 60 Payment: ($195.66) Mo. 1 2 3 4 5 6 7 8 9 Beginning $10,000 $9,858.51 $9,716.25 $9,573.22 $9,429.41 $9,284.83 $9,139.46 $8,993.31 $8,846.36 $8,698.62 $8,550.07 $8,400.73 $8,250.57 $8,099.60 $7,947.82 $7,795.21 $7,641.77 $7,487.50 Payment $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 Interest $54.17 $53.40 $52.63 $51.85 $51.08 $50.29 $49.51 $48.71 $47.92 $47.12 $46.31 $45.50 $44.69 $43.87 $43.05 $42.22 $41.39 $40.56 Principal $141.49 $142.26 $143.03 $143.81 $144.58 $145.37 $146.15 $146.95 $147.74 $148.54 $149.35 $150.16 $150.97 $151.79 $152.61 $153.44 $154.27 $155.10 Loan Balance $9,858.51 $9,716.25 $9,573.22 $9,429.41 $9,284.83 $9,139.46 $8,993.31 $8,846.36 $8,698.62 $8,550.07 $8,400.73 $8,250.57 $8,099.60 $7,947.82 $7,795.21 $7,641.77 $7,487.50 $7,332.40 10 11 12 13 14 15 16 17 18 43 44 45 46 47 48 49 50 51 $3,347.11 $3,169.58 $2,991.09 $2,811.63 $2,631.20 $2,449.79 $2,267.40 $2,084.02 $1,899.65 $1,714.28 $1,527.91 $1,340.52 $1,152.12 $962.70 $772.26 $580.78 $388.27 $194.71 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $195.66 $18.13 $17.17 $16.20 $15.23 $14.25 $13.27 $12.28 $11.29 $10.29 $9.29 $8.28 $7.26 $6.24 $5.21 $4.18 $3.15 $2.10 $1,05 $177.53 $178.49 $179.46 $180.43 $181.41 $182.39 $183.38 $184.37 $185.37 $186.37 $187.38 $188.40 $189.42 $190.45 $191.48 $192.51 $193.56 $194.61 $3,169.58 $2,991.09 $2,811.63 $2,631.20 $2,449.79 $2,267.40 $2,084.02 $1,899.65 $1,714.28 $1,527.91 $1,340.52 $1,152.12 $962.70 $772.26 $580.78 $388.27 $194.71 50.10 52 53 54 55 56 57 58 59 60Step by Step Solution
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