Diminishing Balance Sample Computation for EasyPay ...

[Pages:1]Diminishing Balance Sample Computation for EasyPay Installment Transactions

INSTALLMENT LOAN AMOUNT MONTHLY ADD-ON RATE MONTHLY EFFECTIVE INTEREST RATE INSTALLMENT TERM MONTHLY FACTOR RATE MONTHLY AMORTIZATION

PHP 50,000 1.75% 3.06%

12 MONTHS 0.100838

PHP 5,041.67

MONTH Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Total

DAYS 31 28 31 30 31 30 31 31 30 31 30 31 31

MONTHLY AMORTIZATION

5,041.67 5,041.67 5,041.67 5,041.67 5,041.67 5,041.67 5,041.67 5,041.67 5,041.67 5,041.67 5,041.67 5,041.67 60,500.00

PRINCIPAL -

3,510.74 3,618.24 3,729.02 3,843.20 3,960.87 4,082.15 4,207.14 4,335.95 4,468.71 4,605.54 4,746.55 4,891.88 50,000.00

INTEREST -

1,530.92 1,423.43 1,312.64 1,198.47 1,080.79

959.52 834.53 705.71 572.95 436.13 295.11 149.78 10,500.00

TOTAL OUTSTANDING

BALANCE 60,500.00 55,458.33 50,416.67 45,375.00 40,333.33 35,291.67 30,250.00 25,208.33 20,166.67 15,125.00 10,083.33 5,041.67 -

OUTSTANDING INTEREST BALANCE 10,500.00 8,969.08 7,545.65 6,233.00 5,034.54 3,953.74 2,994.22 2,159.69 1,453.98 881.02 444.90 149.78 (0.00)

TOTAL PRINCIPAL BALANCE

50,000.00 46,489.26 42,871.02 39,142.00 35,298.80 31,337.93 27,255.78 23,048.64 18,712.69 14,243.98

9,638.44 4,891.88

0.00

Assumptions:

* Cardholder has no beginning balance on his first statement and makes EasyPay Installment transaction of P50,000 during the month * Add-on rate will vary depending on the payment term selected * Payment assumption is that the Cardholder will pay the monthly amortization (principal + interest) in 12 months

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