Example

Monthly interest factor .0148540152
Monthly payment per thousand $15.98
Payment per month

 

Factor
(.0148540152)

 

(Payment Per)
'000$

 

March 1, 82

     

35,255.93

April 1, 82

523.69

39.70

563.39

35,216.23

May 1, 82

523.10

40.29

563.39

35,175.94

June 1, 82

522.50

40.89

563.39

35,135.05

July 1, 82

521.89

41.50

563.39

35,093.55

August 1, 82

521.28

42.11

563.39

35,051.44

 

$2,612.46

     

Difference $1,459.14 ÷ 5 payments = $291.83