To fill in the blanks in the amortization schedule, we need to calculate the interest payment and principal payment for each month. The interest payment for a given month is calculated by multiplying the remaining loan balance by the monthly interest rate. The principal payment is the difference between the total monthly payment and the interest payment. The new loan balance is then the previous balance minus the principal payment. This process is repeated for each payment period.
For the first payment, the interest payment is calculated as follows:
\[
\text{Interest Payment}_1 = \text{Loan Balance}_0 \times \text{Monthly Interest Rate} = 163000 \times 0.0025833 \approx 421.08
\]
The principal payment for the first payment is determined by subtracting the interest payment from the total monthly payment:
\[
\text{Principal Payment}_1 = \text{Monthly Payment} - \text{Interest Payment}_1 = 722.87 - 421.08 \approx 301.79
\]
The new loan balance after the first payment is calculated by subtracting the principal payment from the previous loan balance:
\[
\text{Loan Balance}_1 = \text{Loan Balance}_0 - \text{Principal Payment}_1 = 163000 - 301.79 \approx 162698.21
\]
For the second payment, the interest payment is:
\[
\text{Interest Payment}_2 = \text{Loan Balance}_1 \times \text{Monthly Interest Rate} = 162698.21 \times 0.0025833 \approx 420.30
\]
The principal payment for the second payment is:
\[
\text{Principal Payment}_2 = \text{Monthly Payment} - \text{Interest Payment}_2 = 722.87 - 420.30 \approx 302.57
\]
The new loan balance after the second payment is:
\[
\text{Loan Balance}_2 = \text{Loan Balance}_1 - \text{Principal Payment}_2 = 162698.21 - 302.57 \approx 162395.65
\]
For the 130th payment, the interest payment is:
\[
\text{Interest Payment}_{130} = \text{Loan Balance}_{129} \times \text{Monthly Interest Rate} \approx 116446.96 \times 0.0025833 \approx 301.91
\]
The principal payment for the 130th payment is:
\[
\text{Principal Payment}_{130} = \text{Monthly Payment} - \text{Interest Payment}_{130} = 722.87 - 301.91 \approx 420.96
\]
The new loan balance after the 130th payment is:
\[
\text{Loan Balance}_{130} = \text{Loan Balance}_{129} - \text{Principal Payment}_{130} \approx 116446.96 - 420.96 \approx 116024.91
\]
For the 131st payment, the interest payment is:
\[
\text{Interest Payment}_{131} = \text{Loan Balance}_{130} \times \text{Monthly Interest Rate} \approx 116024.91 \times 0.0025833 \approx 300.82
\]
The principal payment for the 131st payment is:
\[
\text{Principal Payment}_{131} = \text{Monthly Payment} - \text{Interest Payment}_{131} = 722.87 - 300.82 \approx 422.05
\]
The new loan balance after the 131st payment is:
\[
\text{Loan Balance}_{131} = \text{Loan Balance}_{130} - \text{Principal Payment}_{131} \approx 116024.91 - 422.05 \approx 115602.86
\]
- Payment 1: Interest Payment = \( \boxed{421.08} \), Principal Payment = \( \boxed{301.79} \), New Loan Balance = \( \boxed{162698.21} \)
- Payment 2: Interest Payment = \( \boxed{420.30} \), Principal Payment = \( \boxed{302.57} \), New Loan Balance = \( \boxed{162395.65} \)
- Payment 130: Interest Payment = \( \boxed{301.91} \), Principal Payment = \( \boxed{420.96} \), New Loan Balance = \( \boxed{116024.91} \)
- Payment 131: Interest Payment = \( \boxed{300.82} \), Principal Payment = \( \boxed{422.05} \), New Loan Balance = \( \boxed{115602.86} \)
Answered
