Year | Principal Paid | Interest Paid | Remaining Balance |
---|---|---|---|
1 | $17,867.34 | $5,054.06 | $82,132.66 |
2 | $18,875.20 | $4,046.20 | $63,257.47 |
3 | $19,939.91 | $2,981.49 | $43,317.56 |
4 | $21,064.67 | $1,856.72 | $22,252.89 |
5 | $22,252.89 | $668.51 | $0.00 |
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Loan Amount | $100,000.00 |
---|---|
Nominal Annual Rate | 5.50% |
Effective Annual Rate | 5.64% |
Payments per Year | 12 |
Payback Ratio | 1.15x the principal |
50% Principal Payback Period | 2.8 years (33 payments) |
Total of Payments | $114,606.97 |
Total Interest | $14,606.97 |
Year | Principal Paid | Interest Paid | Remaining Balance |
---|---|---|---|
1 | $17,867.34 | $5,054.06 | $82,132.66 |
2 | $18,875.20 | $4,046.20 | $63,257.47 |
3 | $19,939.91 | $2,981.49 | $43,317.56 |
4 | $21,064.67 | $1,856.72 | $22,252.89 |
5 | $22,252.89 | $668.51 | $0.00 |