CALCULATING AN AMORTIZATION SCHEDULE
toward interest) is payment of principal. For example, the amortization schedule for a three-month $100 loan, with 2 percent monthly interest, would be calculated as follows: 1. Use the formula above to determine the monthly payment: Payment = 100 x 0.2 x (1 + .02)3 = 100 x (.02 x 1.0612) = 34.68 (1 + .02)3-1 0.0612 2. ................
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