Confirm that both the monthly payment in theLoan Summarysection and the reducing balance chart align. If everything matches, your calculator is working correctly. Go down the reducing balance chart and verify that the payments ended at the 60th transaction, if yes then the calculator gives the e...
If we plug in the values it will be = $100,000 / 60 or $1,666.67. As such, your total monthly payment will be $500 + $1666.67 = $2166.67. You can see the summary of the above calculation (using my flat rate interest calculator) in the following image. The calculator also shows ...
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