Using the loan and payment plan developed in Problem 4-40, determine the month that the final payment is due, and the amount of the final payment, if $500 is paid for payment 8 and $280 is paid for payment 10. This problem requires a separate amortization table giving the balance due, principal payment, and interest payment for each period of the loan.
In problem
Develop a complete amortization table for a loan of $4500, to be paid back in 24 uniform monthly installments, based on an interest rate of 6%. The amortization table must include the following colqmn headings:
Payment Number, Principal Owed (beginning of period), Interest Owed in Each Period, Total Owed (end of each period), Principal Paid in Each Payment, Uniform Monthly Payment Amount
You must also show the equations used to calculate each column of the table. You are encouraged to use spreadsheets. The entire table must be shown.