Final payment, total cash flow and total interest
The calculation starts with $177,000 in the equipment loan
The nominal annual interest rate is 5%, compounded annually. The rate for one year is 5%
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 $50,791.82, followed by one adjusted final repayment. The final repayment must reduce the balance
| Payment number | Balance before | Interest | Repayment | Balance after |
|---|---|---|---|---|
| 3 | $91,019.27 | $4,550.96 | $50,791.82 | $44,778.41 |
| 4 | $44,778.41 | ? | ? | $0 |