The payment amounts are all the same (except for the final payment). Interest is calculated from the remaining balance, and removed from the payment to find the Principal. The principal is then taken from the previous balance to find the new balance. The final 24th payment amount should be a different answer.

Math for Liberal Arts - Amortization Worksheet number amount Interest prInCIpal n -__-- -_ -_ - n n - \" \" 10 $481.78 845178 $461.78 546178 14 5461.?8 5 1 - - - - - 21 '11 _n I...) - - - - - - - - -_ Name: Terms: 23 payments of $461 78 8: a final 24th payment of Total Interest Paid Hill Total Amount Paid