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Amortization. Formulas. Simple Interest Amortized Loan Formula. Formulas. Unpaid Balance Formula. T is the number of years from the beginning of the loan to the present.

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formulas
Formulas

Simple Interest Amortized Loan Formula

formulas1
Formulas

Unpaid Balance Formula

T is the number of years from the beginning of the loan to the present

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Shirley bought a house for $187,600. She put 20% down and obtained a simple interest amortized loanfor the balance at for 30 years.

  • Find her monthly payment.
  • Find the total interest.
  • Prepare an amortization schedule for the first two months of the loan.
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Shirley bought a house for $187,600. She put 20% down and obtained a simple interest amortized loanfor the balance at for 30 years.

  • 20 years have passed and Shirley wants to pay off the balance on her house. If there is no pre-payment penalty, what will it cost for Shirley to pay off the unpaid balance of her home loan?