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$ 90.08
Working:Step-1:Monthly Payment CalculationMonhly Payment=Loan Amount/Cumulative
discount factor=$ 21,618/ 137.199=$ 157.57Working:Cumulative discount factor=(1-(1+i)^-
n)/iWhere,=(1-(1+0.00417)^-204)/0.00417i=5%/12= 0.00417=
137.199n=17*12=204Step-2:Repayment schedule of first monthMonthBeginning Loan
balanceInterest for the monthMonthly PaymentPrincipal RepaymentEnding Loan
Balanceab=a*5%*1/12cd=c-ba-d1$ 21,618.00$ 90.08$ 157.57$ 67.49$ 21,550.51
Solution
$ 90.08
Working:Step-1:Monthly Payment CalculationMonhly Payment=Loan Amount/Cumulative
discount factor=$ 21,618/ 137.199=$ 157.57Working:Cumulative discount factor=(1-(1+i)^-
n)/iWhere,=(1-(1+0.00417)^-204)/0.00417i=5%/12= 0.00417=
137.199n=17*12=204Step-2:Repayment schedule of first monthMonthBeginning Loan
balanceInterest for the monthMonthly PaymentPrincipal RepaymentEnding Loan
Balanceab=a*5%*1/12cd=c-ba-d1$ 21,618.00$ 90.08$ 157.57$ 67.49$ 21,550.51

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$ 90.08WorkingStep-1Monthly Payment CalculationMonhly Payment=L.pdf

  • 1. $ 90.08 Working:Step-1:Monthly Payment CalculationMonhly Payment=Loan Amount/Cumulative discount factor=$ 21,618/ 137.199=$ 157.57Working:Cumulative discount factor=(1-(1+i)^- n)/iWhere,=(1-(1+0.00417)^-204)/0.00417i=5%/12= 0.00417= 137.199n=17*12=204Step-2:Repayment schedule of first monthMonthBeginning Loan balanceInterest for the monthMonthly PaymentPrincipal RepaymentEnding Loan Balanceab=a*5%*1/12cd=c-ba-d1$ 21,618.00$ 90.08$ 157.57$ 67.49$ 21,550.51 Solution $ 90.08 Working:Step-1:Monthly Payment CalculationMonhly Payment=Loan Amount/Cumulative discount factor=$ 21,618/ 137.199=$ 157.57Working:Cumulative discount factor=(1-(1+i)^- n)/iWhere,=(1-(1+0.00417)^-204)/0.00417i=5%/12= 0.00417= 137.199n=17*12=204Step-2:Repayment schedule of first monthMonthBeginning Loan balanceInterest for the monthMonthly PaymentPrincipal RepaymentEnding Loan Balanceab=a*5%*1/12cd=c-ba-d1$ 21,618.00$ 90.08$ 157.57$ 67.49$ 21,550.51