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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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Lab 7 1 Burrs Oak Automated2

  • 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 Page 1
  • 2. Scenario 1 0.08 15 Page 2
  • 3. Scenario 2 0.1 15 Page 3
  • 4. Scenario 3 0.1 30 Page 4