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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