Final payment, total cash flow and total interest
The opening loan balance for the vehicle loan is $41,000
The nominal annual interest rate is 6%, compounded annually. The rate for one year is 6%
Interest is posted to the nearest cent at the end of each year. The repayment is made after that interest is posted
There are 3 full regular repayments of $12,128.06, followed by one adjusted final repayment. The final repayment must reduce the balance
| Payment number | Balance before | Interest | Repayment | Balance after |
|---|---|---|---|---|
| 3 | $21,083.80 | $1,265.03 | $12,128.06 | $10,220.77 |
| 4 | $10,220.77 | ? | ? | $0 |