Final payment, total cash flow and total interest
The opening loan balance for the renovation loan is $106,000
The nominal annual interest rate is 7%, compounded annually. The rate for one year is 7%
Interest is posted to the nearest cent at the end of each year. The repayment is made after that interest is posted
There are 4 full regular repayments of $25,302.37, followed by one adjusted final repayment. The final repayment must reduce the balance
| Payment number | Balance before | Interest | Repayment | Balance after |
|---|---|---|---|---|
| 4 | $48,509.96 | $3,395.70 | $25,302.37 | $26,603.29 |
| 5 | $26,603.29 | ? | ? | $0 |