Summary
| Loan Amount |
: |
$ 3000 |
| Rate (APR) |
: |
3.5 % |
| Number of Payments |
: |
8 |
| Total Flat Rate Interest |
: |
$ 70.00 |
| Total Reduced Balance Interest |
: |
$ 39.51 |
Reduced balance calculation
| # | Payment | Interest | Principal | Balance |
|---|
| 1 | 379.94 | 8.75 | 371.19 | 2,628.81 |
| 2 | 379.94 | 7.67 | 372.27 | 2,256.54 |
| 3 | 379.94 | 6.58 | 373.36 | 1,883.18 |
| 4 | 379.94 | 5.49 | 374.45 | 1,508.73 |
| 5 | 379.94 | 4.40 | 375.54 | 1,133.19 |
| 6 | 379.94 | 3.31 | 376.63 | 756.56 |
| 7 | 379.94 | 2.21 | 377.73 | 378.82 |
| 8 | 379.93 | 1.10 | 378.82 | 0.00 |
Flat rate calculation
| # | Payment | Interest | Principal | Balance |
|---|
| 1 | 383.75 | 8.75 | 375.00 | 2,625.00 |
| 2 | 383.75 | 8.75 | 375.00 | 2,250.00 |
| 3 | 383.75 | 8.75 | 375.00 | 1,875.00 |
| 4 | 383.75 | 8.75 | 375.00 | 1,500.00 |
| 5 | 383.75 | 8.75 | 375.00 | 1,125.00 |
| 6 | 383.75 | 8.75 | 375.00 | 750.00 |
| 7 | 383.75 | 8.75 | 375.00 | 375.00 |
| 8 | 383.75 | 8.75 | 375.00 | 0.00 |