Question: Please compute the additional payment. also please include the formula used in excel.Thank You!! Auto Loan Payment Calculator Inputs Auto Loan Amount $20,000 Annual Interest
Please compute the additional payment. also please include the formula used in excel.Thank You!!
| Auto Loan Payment Calculator | ||||||||
| Inputs | ||||||||
| Auto Loan Amount | $20,000 | | ||||||
| Annual Interest Rate | 8.50% | |||||||
| Term of Loan in Years | 3 | |||||||
| First Payment Date | 2/1/18 | |||||||
| Last Payment Date | 1/1/21 | |||||||
| Frequency of Payment | Monthly | |||||||
| Summary | ||||||||
| Number of Payments | 36 | |||||||
| Rate (per period) | 0.708% | |||||||
| Payment (per period) | $631.35 | |||||||
| Total Interest | $2,728.63 | |||||||
| Total Payments | $22,728.63 | |||||||
| No. | Due Date | Payment Due | Additional Payment | Interest | Principal | Balance | ||
| $20,000.00 | ||||||||
| 1 | 2/1/18 | 631.35 | 0.00 | 141.67 | 489.68 | 19,510.32 | ||
| 2 | 3/1/18 | 631.35 | 0.00 | 138.20 | 493.15 | 19,017.17 | ||
| 3 | 4/1/18 | 631.35 | 0.00 | 134.70 | 496.65 | 18,520.52 | ||
| 4 | 5/1/18 | 631.35 | 0.00 | 131.19 | 500.16 | 18,020.36 | ||
| 5 | 6/1/18 | 631.35 | 0.00 | 127.64 | 503.71 | 17,516.65 | ||
| 6 | 7/1/18 | 631.35 | 0.00 | 124.08 | 507.27 | 17,009.38 | ||
| 7 | 8/1/18 | 631.35 | 0.00 | 120.48 | 510.87 | 16,498.50 | ||
| 8 | 9/1/18 | 631.35 | 0.00 | 116.86 | 514.49 | 15,984.01 | ||
| 9 | 10/1/18 | 631.35 | 0.00 | 113.22 | 518.13 | 15,465.88 | ||
| 10 | 11/1/18 | 631.35 | 0.00 | 109.55 | 521.80 | 14,944.08 | ||
| 11 | 12/1/18 | 631.35 | 0.00 | 105.85 | 525.50 | 14,418.58 | ||
| 12 | 1/1/19 | 631.35 | 0.00 | 102.13 | 529.22 | 13,889.36 | ||
| 13 | 2/1/19 | 631.35 | 0.00 | 98.38 | 532.97 | 13,356.39 | ||
| 14 | 3/1/19 | 631.35 | 0.00 | 94.61 | 536.74 | 12,819.65 | ||
| 15 | 4/1/19 | 631.35 | 0.00 | 90.81 | 540.54 | 12,279.11 | ||
| 16 | 5/1/19 | 631.35 | 0.00 | 86.98 | 544.37 | 11,734.74 | ||
| 17 | 6/1/19 | 631.35 | 0.00 | 83.12 | 548.23 | 11,186.51 | ||
| 18 | 7/1/19 | 631.35 | 0.00 | 79.24 | 552.11 | 10,634.40 | ||
| 19 | 8/1/19 | 631.35 | 0.00 | 75.33 | 556.02 | 10,078.38 | ||
| 20 | 9/1/19 | 631.35 | 0.00 | 71.39 | 559.96 | 9,518.42 | ||
| 21 | 10/1/19 | 631.35 | 0.00 | 67.42 | 563.93 | 8,954.48 | ||
| 22 | 11/1/19 | 631.35 | 0.00 | 63.43 | 567.92 | 8,386.56 | ||
| 23 | 12/1/19 | 631.35 | 0.00 | 59.40 | 571.95 | 7,814.61 | ||
| 24 | 1/1/20 | 631.35 | 0.00 | 55.35 | 576.00 | 7,238.61 | ||
| 25 | 2/1/20 | 631.35 | 0.00 | 51.27 | 580.08 | 6,658.53 | ||
| 26 | 3/1/20 | 631.35 | 0.00 | 47.16 | 584.19 | 6,074.34 | ||
| 27 | 4/1/20 | 631.35 | 0.00 | 43.03 | 588.32 | 5,486.02 | ||
| 28 | 5/1/20 | 631.35 | 0.00 | 38.86 | 592.49 | 4,893.53 | ||
| 29 | 6/1/20 | 631.35 | 0.00 | 34.66 | 596.69 | 4,296.84 | ||
| 30 | 7/1/20 | 631.35 | 0.00 | 30.44 | 600.91 | 3,695.93 | ||
| 31 | 8/1/20 | 631.35 | 0.00 | 26.18 | 605.17 | 3,090.76 | ||
| 32 | 9/1/20 | 631.35 | 0.00 | 21.89 | 609.46 | 2,481.30 | ||
| 33 | 10/1/20 | 631.35 | 0.00 | 17.58 | 613.77 | 1,867.53 | ||
| 34 | 11/1/20 | 631.35 | 0.00 | 13.23 | 618.12 | 1,249.40 | ||
| 35 | 12/1/20 | 631.35 | 0.00 | 8.85 | 622.50 | 626.90 | ||
| 36 | 1/1/21 | 631.34 | 0.00 | 4.44 | 626.90 | 0.00 | ||
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