Amortization Table

DEFINITION: An amortization table is used to track monthly payments when repaying a loan.
EXAMPLE: If you take out a loan for $70,000 to be paid back in 30 years at a fixed yearly interest rate of 10.5%, what will be the amount of the monthly payment? Also, create an amortization table for the first 12 months. (Taken from a table in the previous Des Moines Register article.)


Table: Payment Monthly Amount Amount Current
Number Payment Interest Principal Balance
1 640.32 612.50 27.82 69972.18
2 640.32 612.26 28.06 69944.12
3 640.32 612.01 28.31 69915.81
4 640.32 611.76 28.55 69887.23
5 640.32 611.51 28.80 69858.45
6 640.32 611.26 29.06 69829.40
7 640.32 611.01 29.31 69800.09
8 640.32 610.75 29.57 69770.52
9 640.32 610.49 29.83 69740.69
10 640.32 610.23 30.09 69710.60
11 640.32 609.97 30.35 69680.25
12 640.32 609.70 30.62 69649.63


Reference:
Eng. iastae, Dr. Larry Genalo