- Reading and using a Loan Repayment Schedule (Answer the questions regarding the loan repayment schedule presented below) Loan Repayment Schedule -- $155,000 @5.75% for 15 years Payment Schedule Year 1 Date Payment Interest Principal 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec Totals $1,287.14 $1,287.14 $1,287.14 $1,287.14 $1,287.14 $6,435.70 $742.71 740.1 737.48 734.84 732.2 $3,687.33 $544.43 547.04 549.66 552.3 554.94 $2,748.37 Loan Balance $155,000.00 154,455.57 153,908.53 153,358.87 152,806.57 152,251.63 Date 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec Totals Payment $1,287.14 1,287.14 1,287.14 1,287.14 1,287.14 1,287.14 1,287.14 1,287.14 1,287.14 1,287.14 1,287.14 1,287.14 $15,445.68 Payment Schedule Year 2 Interest $729.54 726.87 724.18 721.49 728.77 716.05 713.31 710.57 707.80 705.03 702.24 699.43 $8,585.28 Principal $557.60 560.27 562.96 565.65 568.37 571.09 573.83 576.57 579.34 582.11 584.90 587.71 $6,870.40 Loan Balance $151,694.03 151,133.76 150,570.80 150,005.15 149,436.78 148,865.69 148,291.86 147,715.29 147,135.95 146,553.84 145,968.94 145,381.23 Date 1-Jan 1-Feb 1-Mar 1-Apr Payment $1,287.14 1,287.14 1,287.14 1,287.14 Payment Schedule Year 3 Interest $696.62 693.79 690.95 688.09 Principal $590.52 593.35 596.19 599.05 Loan Balance $144,790.71 144,197.36 143,601.17 143,002.12 4a. How much principal is paid off with the Oct. 1 payment in Year 1? 4b. What is the total amount of interest paid in Year 2? 4c. Year: In which year will more principal be paid off; Year 2 or Year 3? What amount of interest is applicable to July of Year 2? 4d. $ 4e. When will the interest charge for January of Year 3 be paid