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Calculating the Loan Payment on a Simple-Interest Installment Loan Installment loans aliow bortowers to fepay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a foxed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on instaliment loans may be computed using the simple interest method or the add-on method For an installment loan using simple Interest and equal payments throughout the life of the loan, arportion of each repayment is dedicated to the principal and a portion to the interest. Remember that interest is charged only on the outatanding balance, This means that as each payment is made, mere of it is allocated to The following table lists th Syment ameunts required to repay $1,000 over various time frames and ot various foxed-interest rates. The payment is thi the allocation between princlpal and interest is always The following table lists the monthly installment payment amounts required to repay $1,000 over various time frames and at various fixed-interest. rates. The payment is the same each month, and the allocation between principal and interest is always Monthly Installment Loan Payments to Repay a $1,000, Simple Interest Loan To estimate the required monthly payment amount for an installment loan, divide the amount to be borrowed by 1,000 and multiply the result by the appropriate figure from the table. Suppose that.you are repsying a personal loan in the amount of $15,000. The rate of interest on the loan is 9%, and you have agreed to pay back the loon in 24 monthly payments. Using the valves in the preceding tabie, complete the following steps to caiculate the requinod monthy payment amount for this loan. Step I: Divide the amount of the loan by 1,000. Dlviding $15,000 (loan amount) by 1,000 glves you a value of Step 2: Use the rate of Interest and the number of monthly payments to identify the appropriate figure to use from the table. In this case, the rate of interest is 9%, and the loan requires 24 monthly payments. Therefore, the relevant amount from the table is 5 Step 34 Mulbply your answer from Step 1 by the appropriate value from the table cell (from Step 2). This gives you a required manthly payment amount of 1 Calculate your total payments and finance chamge by completing the following tablo. (Note: Enter an flgures as positive numbers to two decimal places.) Total Payments 5 Loan Amount 515,000.00 Finance Charge 5