## Answers

Here's the monthly annuity payment schedule:.

Monthly payment = $ 2,258.39 (rounded off to 2 decimal places)

Total interest paid up to 50 months = $ 85,823.87

Total Principal paid up to 50 months = $ 27,095.50

Description | Details | Reference | ||||

Loan Amount | $ 270,000.00 | B2 | ||||

Interest Rate | 8% | B3 | ||||

Year | 20 | B4 | ||||

No. of months per year | 12 | B5 | ||||

<month> | PMT(B3/B5,B4*B5,B2) | IPMT(B3/B5,<month>,B4*B5,B2) | PPMT(B3/B5,<month>,B4*B5,B2) | |||

Month | Amount at beginning of the month | Total Payment | Interest amount | Principal repaid | Balance at end of the month | |

1 | $270,000.00 | $2,258.39 | $1,800.00 | $458.39 | $269,541.61 | |

2 | $269,541.61 | $2,258.39 | $1,796.94 | $461.44 | $269,080.17 | |

3 | $269,080.17 | $2,258.39 | $1,793.87 | $464.52 | $268,615.65 | |

4 | $268,615.65 | $2,258.39 | $1,790.77 | $467.62 | $268,148.03 | |

5 | $268,148.03 | $2,258.39 | $1,787.65 | $470.73 | $267,677.30 | |

6 | $267,677.30 | $2,258.39 | $1,784.52 | $473.87 | $267,203.43 | |

7 | $267,203.43 | $2,258.39 | $1,781.36 | $477.03 | $266,726.40 | |

8 | $266,726.40 | $2,258.39 | $1,778.18 | $480.21 | $266,246.19 | |

9 | $266,246.19 | $2,258.39 | $1,774.97 | $483.41 | $265,762.78 | |

10 | $265,762.78 | $2,258.39 | $1,771.75 | $486.64 | $265,276.14 | |

11 | $265,276.14 | $2,258.39 | $1,768.51 | $489.88 | $264,786.26 | |

12 | $264,786.26 | $2,258.39 | $1,765.24 | $493.15 | $264,293.11 | |

13 | $264,293.11 | $2,258.39 | $1,761.95 | $496.43 | $263,796.68 | |

14 | $263,796.68 | $2,258.39 | $1,758.64 | $499.74 | $263,296.94 | |

15 | $263,296.94 | $2,258.39 | $1,755.31 | $503.08 | $262,793.86 | |

16 | $262,793.86 | $2,258.39 | $1,751.96 | $506.43 | $262,287.43 | |

17 | $262,287.43 | $2,258.39 | $1,748.58 | $509.81 | $261,777.62 | |

18 | $261,777.62 | $2,258.39 | $1,745.18 | $513.20 | $261,264.42 | |

19 | $261,264.42 | $2,258.39 | $1,741.76 | $516.63 | $260,747.79 | |

20 | $260,747.79 | $2,258.39 | $1,738.32 | $520.07 | $260,227.72 | |

21 | $260,227.72 | $2,258.39 | $1,734.85 | $523.54 | $259,704.18 | |

22 | $259,704.18 | $2,258.39 | $1,731.36 | $527.03 | $259,177.15 | |

23 | $259,177.15 | $2,258.39 | $1,727.85 | $530.54 | $258,646.61 | |

24 | $258,646.61 | $2,258.39 | $1,724.31 | $534.08 | $258,112.53 | |

25 | $258,112.53 | $2,258.39 | $1,720.75 | $537.64 | $257,574.89 | |

26 | $257,574.89 | $2,258.39 | $1,717.17 | $541.22 | $257,033.67 | |

27 | $257,033.67 | $2,258.39 | $1,713.56 | $544.83 | $256,488.84 | |

28 | $256,488.84 | $2,258.39 | $1,709.93 | $548.46 | $255,940.38 | |

29 | $255,940.38 | $2,258.39 | $1,706.27 | $552.12 | $255,388.26 | |

30 | $255,388.26 | $2,258.39 | $1,702.59 | $555.80 | $254,832.46 | |

31 | $254,832.46 | $2,258.39 | $1,698.88 | $559.51 | $254,272.95 | |

32 | $254,272.95 | $2,258.39 | $1,695.15 | $563.24 | $253,709.71 | |

33 | $253,709.71 | $2,258.39 | $1,691.40 | $566.99 | $253,142.72 | |

34 | $253,142.72 | $2,258.39 | $1,687.62 | $570.77 | $252,571.95 | |

35 | $252,571.95 | $2,258.39 | $1,683.81 | $574.58 | $251,997.37 | |

36 | $251,997.37 | $2,258.39 | $1,679.98 | $578.41 | $251,418.96 | |

37 | $251,418.96 | $2,258.39 | $1,676.13 | $582.26 | $250,836.70 | |

38 | $250,836.70 | $2,258.39 | $1,672.24 | $586.14 | $250,250.56 | |

39 | $250,250.56 | $2,258.39 | $1,668.34 | $590.05 | $249,660.51 | |

40 | $249,660.51 | $2,258.39 | $1,664.40 | $593.98 | $249,066.53 | |

41 | $249,066.53 | $2,258.39 | $1,660.44 | $597.94 | $248,468.59 | |

42 | $248,468.59 | $2,258.39 | $1,656.46 | $601.93 | $247,866.66 | |

43 | $247,866.66 | $2,258.39 | $1,652.44 | $605.94 | $247,260.72 | |

44 | $247,260.72 | $2,258.39 | $1,648.40 | $609.98 | $246,650.74 | |

45 | $246,650.74 | $2,258.39 | $1,644.34 | $614.05 | $246,036.69 | |

46 | $246,036.69 | $2,258.39 | $1,640.24 | $618.14 | $245,418.55 | |

47 | $245,418.55 | $2,258.39 | $1,636.12 | $622.26 | $244,796.29 | |

48 | $244,796.29 | $2,258.39 | $1,631.98 | $626.41 | $244,169.88 | |

49 | $244,169.88 | $2,258.39 | $1,627.80 | $630.59 | $243,539.29 | |

50 | $243,539.29 | $2,258.39 | $1,623.60 | $634.79 | $242,904.50 | |

Total up to 50 months | $85,823.87 | $ 27.095.50 |

Excel formulae to compute interest and principal are given in the top. Use the same by prefix "=-" symbol in excel. the same schedule can be continued till 240 months to see "total value" become "$0" at end of 240 months (i.e.) 20 years.

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