Final payment, total cash flow and total interest
The vehicle loan has an initial loan balance of $46,000
The nominal annual interest rate is 8%, compounded annually. The rate for one year is 8%
Interest is posted to the nearest cent at the end of each year. The repayment is made after that interest is posted
There are 5 full regular repayments of $9,747.44, followed by one adjusted final repayment. The final repayment must reduce the balance
| Payment number | Balance before | Interest | Repayment | Balance after |
|---|---|---|---|---|
| 5 | $18,659.43 | $1,492.75 | $9,747.44 | $10,404.74 |
| 6 | $10,404.74 | ? | ? | $0 |