20060301
15-5-3
Amortization
k
Example 2 (Amortization)
Use the monthly payment value you obtained in Example 1 (PMT = –837.9966279) to
determine the following information for payment 10 (PM1) through 15 (PM2).
As in Example 1, the mortgage has a loan amount (PV) of $100,000 at an annual rate (
I
%) of
8.025%, compounded monthly (C/Y = 12) for 20 years.
There are 12 payment periods per year (P/Y).
• The balance (BAL) of the principal remaining after payment 15
• The interest amount (INT) included in payment 10
• The principal amount (PRN) included in payment 10
• Total interest to be paid (sumINT) from payment 10 to payment 15
• Total principal to be paid (sumPRN) from payment 10 to payment 15
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