Please complete the attached amortization schedule. This is a common task people

Question

Please complete the attached amortization schedule. This is a common task people in accounting and finance do all the time. One example is how a car payment or a house payment is calculated.

Data
Period Date Interest
Expense Principal
Reduction Cash Payment Unpaid
Balance Loan Amount $6,000.00 issue date 3/1/18 6,000.00 Beginning Date 1/1/2018 1 3/1/19 1,811.52 Term (years) 4 2 3/2/20 1,811.52 Interest rate 8.00% 3 3/3/21 1,811.52 4 3/4/22 1,811.55 Annual Payment $1,811.52 Total 1,246.10 6,000.00 7,246.11

Explanation / Answer

Date Interest Period Date Interest Expenses Principal Cash Payment Unpaid Expense Reduction Balance Loan Amount $6,000.00 issue date 3/1/2018 $          -   $          -   $          -   $6,000.00 Beginning Date 1/1/2018 1 3/1/2019 $   480.00 $1,331.52 $1,811.52 $4,668.48 Term (years) 4 2 3/2/2020 $   373.48 $1,438.04 $1,811.52 $3,230.44 Interest rate 8.00% 3 3/3/2021 $   258.44 $1,553.08 $1,811.52 $1,677.35 4 3/4/2022 $   134.19 $1,677.36 $1,811.55 $     (0.01) Annual Payment $1,811.52 Total $1,246.10 $6,000.00 $7,246.11

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