Present Value (P) $ 1,000,000.00
Future Value $ –
Nper (N) 5.00
Rate (R) 15.00%
Using excel formula, PMT excel formula Emperically, P*R*(1+R)^N / ((1+R)^N – 1)
PMT / Annual Installments $ 298,315.55 $ 298,315.55
Amortization Schedule:
Year Installments Principal Interest Balance
0 $ 1,000,000.00
1 $ 298,315.55 $ 148,315.55 $ 150,000.00 $ 851,684.45
2 $ 298,315.55 $ 170,562.89 $ 127,752.67 $ 681,121.56
3 $ 298,315.55 $ 196,147.32 $ 102,168.23 $ 484,974.24
4 $ 298,315.55 $ 225,569.42 $ 72,746.14 $ 259,404.83
5 $ 298,315.55 $ 259,404.83 $ 38,910.72 $ –
Calculation Method
https://d2vlcm61l7u1fs.cloudfront.net/media%2Ff35%2Ff3548299-95d5-40e0-9907-01aa4d132d68%2Fphp8XbOTy.png
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