Here's the given:
Loan= $563
Paid off with 5 monthly installments of $116
Interest rate = 1%
Display a table of the balance of the loan at the end of each month.
Here's the given:
Loan= $563
Paid off with 5 monthly installments of $116
Interest rate = 1%
Display a table of the balance of the loan at the end of each month.
This is called "amortization schedule":
Interest Principal Balance
1-$5.63 $110.37 $452.63
2-$4.53 $111.47 $341.16
3-$3.41 $112.59 $228.57
4-$2.29 $113.71 $114.86
5-$1.15 $114.86 $0.00
