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Please compute the additional payment. also please include the formula used in excel.Thank You!! Auto Loan Payment Calculator Inputs Auto Loan Amount $20,000 Annual Interest
Please compute the additional payment. also please include the formula used in excel.Thank You!!
Auto Loan Payment Calculator | ||||||||
Inputs | ||||||||
Auto Loan Amount | $20,000 | | ||||||
Annual Interest Rate | 8.50% | |||||||
Term of Loan in Years | 3 | |||||||
First Payment Date | 2/1/18 | |||||||
Last Payment Date | 1/1/21 | |||||||
Frequency of Payment | Monthly | |||||||
Summary | ||||||||
Number of Payments | 36 | |||||||
Rate (per period) | 0.708% | |||||||
Payment (per period) | $631.35 | |||||||
Total Interest | $2,728.63 | |||||||
Total Payments | $22,728.63 | |||||||
No. | Due Date | Payment Due | Additional Payment | Interest | Principal | Balance | ||
$20,000.00 | ||||||||
1 | 2/1/18 | 631.35 | 0.00 | 141.67 | 489.68 | 19,510.32 | ||
2 | 3/1/18 | 631.35 | 0.00 | 138.20 | 493.15 | 19,017.17 | ||
3 | 4/1/18 | 631.35 | 0.00 | 134.70 | 496.65 | 18,520.52 | ||
4 | 5/1/18 | 631.35 | 0.00 | 131.19 | 500.16 | 18,020.36 | ||
5 | 6/1/18 | 631.35 | 0.00 | 127.64 | 503.71 | 17,516.65 | ||
6 | 7/1/18 | 631.35 | 0.00 | 124.08 | 507.27 | 17,009.38 | ||
7 | 8/1/18 | 631.35 | 0.00 | 120.48 | 510.87 | 16,498.50 | ||
8 | 9/1/18 | 631.35 | 0.00 | 116.86 | 514.49 | 15,984.01 | ||
9 | 10/1/18 | 631.35 | 0.00 | 113.22 | 518.13 | 15,465.88 | ||
10 | 11/1/18 | 631.35 | 0.00 | 109.55 | 521.80 | 14,944.08 | ||
11 | 12/1/18 | 631.35 | 0.00 | 105.85 | 525.50 | 14,418.58 | ||
12 | 1/1/19 | 631.35 | 0.00 | 102.13 | 529.22 | 13,889.36 | ||
13 | 2/1/19 | 631.35 | 0.00 | 98.38 | 532.97 | 13,356.39 | ||
14 | 3/1/19 | 631.35 | 0.00 | 94.61 | 536.74 | 12,819.65 | ||
15 | 4/1/19 | 631.35 | 0.00 | 90.81 | 540.54 | 12,279.11 | ||
16 | 5/1/19 | 631.35 | 0.00 | 86.98 | 544.37 | 11,734.74 | ||
17 | 6/1/19 | 631.35 | 0.00 | 83.12 | 548.23 | 11,186.51 | ||
18 | 7/1/19 | 631.35 | 0.00 | 79.24 | 552.11 | 10,634.40 | ||
19 | 8/1/19 | 631.35 | 0.00 | 75.33 | 556.02 | 10,078.38 | ||
20 | 9/1/19 | 631.35 | 0.00 | 71.39 | 559.96 | 9,518.42 | ||
21 | 10/1/19 | 631.35 | 0.00 | 67.42 | 563.93 | 8,954.48 | ||
22 | 11/1/19 | 631.35 | 0.00 | 63.43 | 567.92 | 8,386.56 | ||
23 | 12/1/19 | 631.35 | 0.00 | 59.40 | 571.95 | 7,814.61 | ||
24 | 1/1/20 | 631.35 | 0.00 | 55.35 | 576.00 | 7,238.61 | ||
25 | 2/1/20 | 631.35 | 0.00 | 51.27 | 580.08 | 6,658.53 | ||
26 | 3/1/20 | 631.35 | 0.00 | 47.16 | 584.19 | 6,074.34 | ||
27 | 4/1/20 | 631.35 | 0.00 | 43.03 | 588.32 | 5,486.02 | ||
28 | 5/1/20 | 631.35 | 0.00 | 38.86 | 592.49 | 4,893.53 | ||
29 | 6/1/20 | 631.35 | 0.00 | 34.66 | 596.69 | 4,296.84 | ||
30 | 7/1/20 | 631.35 | 0.00 | 30.44 | 600.91 | 3,695.93 | ||
31 | 8/1/20 | 631.35 | 0.00 | 26.18 | 605.17 | 3,090.76 | ||
32 | 9/1/20 | 631.35 | 0.00 | 21.89 | 609.46 | 2,481.30 | ||
33 | 10/1/20 | 631.35 | 0.00 | 17.58 | 613.77 | 1,867.53 | ||
34 | 11/1/20 | 631.35 | 0.00 | 13.23 | 618.12 | 1,249.40 | ||
35 | 12/1/20 | 631.35 | 0.00 | 8.85 | 622.50 | 626.90 | ||
36 | 1/1/21 | 631.34 | 0.00 | 4.44 | 626.90 | 0.00 | ||
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