Example
For period May 1, 1981 to March 1, 1982 (Renewal Date)
Interest to be paid as at April 1
Principal for calculating differential $35,694.93
|
Month |
Interest which would |
Principal payment |
Monthly payment |
Principal balance |
|---|---|---|---|---|
|
Factor |
(Payment Per) |
|||
|
May 1, 81 |
312.83 |
39.17 |
352.00 |
35,655.76 |
|
June 1, 81 |
312.49 |
39.51 |
352.00 |
35,616.25 |
|
July 1, 81 |
312.14 |
39.86 |
352.00 |
35,576.39 |
|
August 1, 81 |
311.79 |
40.12 |
352.00 |
35,536.18 |
|
Sept. 1, 81 |
311.44 |
40.56 |
352.00 |
35,495.62 |
|
Oct. 1, 81 |
311.09 |
40.91 |
352.00 |
35,454.71 |
|
Nov. 1, 81 |
310.73 |
41.27 |
352.00 |
35,413.40 |
|
Dec. 1, 81 |
310.37 |
41.63 |
352.00 |
35,371.81 |
|
Jan. 1, 82 |
310.00 |
42.00 |
352.00 |
35,329.81 |
|
Feb. 1, 82 |
309.63 |
42.37 |
352.00 |
35,287.44 |
|
March 1, 82 |
309.26 |
42.74 |
352.00 |
35,244.70 |
|
3,421.77 |
Difference 860 + 11 payments = 78.27 per month