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Norton Corporation borrowed $300,000 on December 1, 2016. The term of the loan was two years and the interest rate was 7%. Payments are due on the 1st and 15th of each month with the first payment due on December 15, 2016. An amortization schedule for the loan follows:
book
Payment
Date
Interest
Principal
Value
300,000
1
12/15/2016
12,992
10,500
2,492
297,508
2
1/1/2017
10,413
2,579
294,929
3
1/15/2017
10,323
2,669
292,259
4
2/1/2017
10,229
2,763
289,496
5
2/15/2017
10,132
2,860
286,637
6
3/1/2017
10,032
2,960
283,677
7
3/15/2017
9,929
3,063
280,614
8
4/1/2017
9,821
3,171
277,443
9
4/15/2017
9,711
3,281
274,162
10
5/1/2017
9,596
3,396
270,765
11
5/15/2017
9,477
3,515
267,250
12
6/1/2017
9,354
3,638
263,612
13
6/15/2017
9,226
3,766
259,846
14
7/1/2017
9,095
3,897
255,949
15
7/15/2017
8,958
4,034
251,915
16
8/1/2017
8,817
4,175
247,740
17
8/15/2017
8,671
4,321
243,419
18
9/1/2017
8,520
4,472
238,947
19
9/15/2017
8,363
4,629
234,318
20
10/1/2017
8,201
4,791
229,527
21
10/15/2017
8,033
4,959
224,568
22
11/1/2017
7,860
5,132
219,436
23
11/15/2017
7,680
5,312
214,125
24
12/1/2017
7,494
5,498
208,627
25
12/15/2017
7,302
5,690
202,937
26
1/1/2018
7,103
5,889
197,048
27
1/15/2018
6,897
6,095
190,952
28
2/1/2018
6,683
6,309
184,644
29
2/15/2018
6,463
6,529
178,114
30
3/1/2018
6,234
6,758
171,356
31
3/15/2018
5,997
6,995
164,362
32
4/1/2018
5,753
7,239
157,122
33
4/15/2018
5,499
7,493
149,630
34
5/1/2018
5,237
7,755
141,875
35
5/15/2018
4,966
8,026
133,848
36
6/1/2018
4,685
8,307
125,541
37
6/15/2018
4,394
8,598
116,943
38
7/1/2018
4,093
8,899
108,044
39
7/15/2018
3,782
9,210
98,834
40
8/1/2018
3,459
9,533
89,301
41
8/15/2018
3,126
9,866
79,434
42
9/1/2018
2,780
10,212
69,222
43
9/15/2018
2,423
10,569
58,653
44
10/1/2018
2,053
10,939
47,714
45
10/15/2018
1,670
11,322
36,392
46
11/1/2018
1,274
11,718
24,674
47
11/15/2018
864
12,128
12,545
48
12/1/2018
447
0
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