Homework Answers
EMI = Loan / PVAF (r%, n)
r is int Rate per month
n is No. of Months
EMI = Loan / PVAF (r%, n)
= $ 17,000 / PVAF (0.65%, 48)
= $ 17,000 / 41.1199
= 413.43
Loan AMortization:
| Month | Opening Bal | Instalment | Int | Principal Repay | Closing Bal |
| 1 | $ 17,000.00 | $ 413.43 | $ 110.50 | $ 302.93 | $ 16,697.07 |
| 2 | $ 16,697.07 | $ 413.43 | $ 108.53 | $ 304.89 | $ 16,392.18 |
| 3 | $ 16,392.18 | $ 413.43 | $ 106.55 | $ 306.88 | $ 16,085.30 |
| 4 | $ 16,085.30 | $ 413.43 | $ 104.55 | $ 308.87 | $ 15,776.43 |
| 5 | $ 15,776.43 | $ 413.43 | $ 102.55 | $ 310.88 | $ 15,465.55 |
| 6 | $ 15,465.55 | $ 413.43 | $ 100.53 | $ 312.90 | $ 15,152.65 |
| 7 | $ 15,152.65 | $ 413.43 | $ 98.49 | $ 314.93 | $ 14,837.72 |
| 8 | $ 14,837.72 | $ 413.43 | $ 96.45 | $ 316.98 | $ 14,520.74 |
| 9 | $ 14,520.74 | $ 413.43 | $ 94.38 | $ 319.04 | $ 14,201.70 |
| 10 | $ 14,201.70 | $ 413.43 | $ 92.31 | $ 321.11 | $ 13,880.59 |
| 11 | $ 13,880.59 | $ 413.43 | $ 90.22 | $ 323.20 | $ 13,557.38 |
| 12 | $ 13,557.38 | $ 413.43 | $ 88.12 | $ 325.30 | $ 13,232.08 |
| 13 | $ 13,232.08 | $ 413.43 | $ 86.01 | $ 327.42 | $ 12,904.66 |
| 14 | $ 12,904.66 | $ 413.43 | $ 83.88 | $ 329.55 | $ 12,575.12 |
| 15 | $ 12,575.12 | $ 413.43 | $ 81.74 | $ 331.69 | $ 12,243.43 |
| 16 | $ 12,243.43 | $ 413.43 | $ 79.58 | $ 333.84 | $ 11,909.59 |
| 17 | $ 11,909.59 | $ 413.43 | $ 77.41 | $ 336.01 | $ 11,573.57 |
| 18 | $ 11,573.57 | $ 413.43 | $ 75.23 | $ 338.20 | $ 11,235.38 |
| 19 | $ 11,235.38 | $ 413.43 | $ 73.03 | $ 340.40 | $ 10,894.98 |
| 20 | $ 10,894.98 | $ 413.43 | $ 70.82 | $ 342.61 | $ 10,552.37 |
| 21 | $ 10,552.37 | $ 413.43 | $ 68.59 | $ 344.84 | $ 10,207.54 |
| 22 | $ 10,207.54 | $ 413.43 | $ 66.35 | $ 347.08 | $ 9,860.46 |
| 23 | $ 9,860.46 | $ 413.43 | $ 64.09 | $ 349.33 | $ 9,511.13 |
| 24 | $ 9,511.13 | $ 413.43 | $ 61.82 | $ 351.60 | $ 9,159.53 |
| 25 | $ 9,159.53 | $ 413.43 | $ 59.54 | $ 353.89 | $ 8,805.64 |
| 26 | $ 8,805.64 | $ 413.43 | $ 57.24 | $ 356.19 | $ 8,449.45 |
| 27 | $ 8,449.45 | $ 413.43 | $ 54.92 | $ 358.50 | $ 8,090.94 |
| 28 | $ 8,090.94 | $ 413.43 | $ 52.59 | $ 360.83 | $ 7,730.11 |
| 29 | $ 7,730.11 | $ 413.43 | $ 50.25 | $ 363.18 | $ 7,366.93 |
| 30 | $ 7,366.93 | $ 413.43 | $ 47.89 | $ 365.54 | $ 7,001.39 |
Closing Bal after 2.5 Years is $ 7001.39
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