demo.mp4
- The amount of money loaned in dollars (balance)
- The time over which the loan will be repaid, in months (term)
- The percentage rate at which interest will accrue on the loan (rate)
- The month (1 corresponding to the 1st month of payment, through the total number of months)
- The payment amount
- The principal paid this month
- The interest paid this month
- The total interest paid to date
- The remaining loan balance at the end of the month
- Total Monthly Payment = (amount loaned) * (rate/1200) / (1 – (1 + rate/1200)(-Number of Months) )
- Remaining Balance before the very first month equals the amount of the loan.
- Interest Payment = Previous Remaining Balance * rate/1200
- Principal Payment = Total Monthly Payment - Interest Payment
- At end each month, Remaining Balance = Previous Remaining Balance - principal payments