This document provides a financing summary for a $15,575 furniture purchase. The customer put down $3,000 and financed $12,575 over 8 years at a 14.75% interest rate. The summary shows the declining balance, interest paid, and principal paid each year until the balance is paid off in full in the 8th year of payments.

1. Furniture Financing
Burr's Oak
Don't Knock Our Wood
Total Price Paid $15,575.00 Rate 14.75%
Down Payment $3,000.00 Years 8
Financing Amount $12,575.00 Monthly Payment $223.85
Beginning Ending Paid On Interest
Year Balance Balance Principal Paid
1 $12,575.00 $11,685.07 $889.93 $1,796.24
2 11,685.07 10,654.62 1,030.45 1,655.73
3 10,654.62 9,461.47 1,193.15 1,493.03
4 9,461.47 8,079.93 1,381.54 1,304.64
5 8,079.93 6,480.27 1,599.67 1,086.51
6 6,480.27 4,628.02 1,852.24 833.93
7 4,628.02 2,483.33 2,144.70 541.48
8 2,483.33 - 2,483.33 202.85
9 - - - -
10 - - - -
11 - - - -
12 - - - -
13 - - - -
14 - - - -
15 - - - -
Subtotal $12,575.00 $8,914.41
Down Payment $3,000.00
Total Cost $24,489.41
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2. Scenario 1
0.08
15
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3. Scenario 2
0.1
15
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4. Scenario 3
0.1
30
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