Sunday, December 27, 2009

Interest Only Loan Amortization Table Finance Question With Compounding Interest?

Finance question with compounding interest? - interest only loan amortization table

I paid $ 10,000 to pay for my trips to spring break. I plan to make the monthly payments for a period of ten years. If the interest rate of the loan is 10% compounded monthly is how much I pay on the loan.

Can be calculated with a formula? or should I build an amortization table? I have problems with a monthly table of compound interest.

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